Indian electric vehicle startup River has secured $120 million in Series C funding to accelerate its manufacturing operations and expand its product lineup. The investment round was led by Indian venture firms Elev8 Venture Partners and Claypond Capital, with backing from several other domestic investors and existing supporters including Yamaha Motor and Al-Futtaim Group. This brings the company’s total capital raised to $144 million since its 2021 founding.
River currently focuses on a single electric moped model called the Indie, which launched in 2023 and has achieved monthly sales of approximately 6,000 units across more than 75 retail locations nationwide. The startup has demonstrated significant growth, with revenue climbing 330% in the fiscal year ending March 2026. Production capacity has expanded dramatically from 20 to 300 vehicles daily, though the company remains near maximum capacity at its existing Bengaluru facility.
With the new funding, River plans to construct an additional manufacturing plant with an annual production capacity of 700,000 to 800,000 vehicles, with the first phase becoming operational by mid-2027. The company also intends to introduce two new vehicle models beginning in 2027 and expand its retail network to approximately 400 stores by March 2028. River projects achieving operational profitability once monthly production reaches 20,000 to 25,000 vehicles, targeted for 2028-29.
Originally reported by Techcrunch →
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