via TechCrunch
Indian EV Startup River Secures $120M Series C to Expand Production and Launch New Models
Indian electric vehicle startup River has raised $120 million in a Series C funding round to scale its manufacturing capabilities and support its next phase of growth. The company, which specializes in electric two-wheelers, announced the funding on Wednesday.
The round was led by Indian investors Elev8 Venture Partners and Claypond Capital, with participation from Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital, and HDFC AMC. Existing backers Yamaha Motor, Al-Futtaim Group, and Mitsui also joined the round, according to a statement from the company.
Founder and CEO Aravind Mani told TechCrunch that less than 10% to 12% of the round consisted of venture debt, and the equity portion was entirely primary capital, with no secondary share sales. This brings River's total capital raised to $144 million.
Founded in 2021, River competes in India's rapidly growing electric two-wheeler market, which has become the largest segment for EV adoption in the country. The startup faces competition from newer players like Ather Energy and Ola Electric, as well as traditional manufacturers such as Bajaj Auto and TVS Motor.
Unlike most rivals, River has built its business around a single electric moped model, the Indie, launched in 2023. The company now sells approximately 6,000 vehicles per month through more than 75 stores across India and has sold over 50,000 units to date.
Mani emphasized that River positions the Indie as a utility-focused vehicle rather than competing across multiple consumer segments. He noted that the startup's biggest achievement over the past year has been mastering the complexities of scaling manufacturing.
“There was a point when we were making 20 vehicles a day. Today we make 300 vehicles a day, and that scale-up has not been easy. This is the steepest learning curve for any company out there,” he said.
Looking ahead, River plans to use the new funds to further optimize production, expand its retail network, and develop additional models to strengthen its presence in India's competitive EV landscape.