Indian EV startup River Mobility secures $120 million Series C to expand production

River Mobility, an Indian electric‑vehicle startup, announced a $120 million Series C funding round. The round was led by Indian investors Elev8 Venture Partners and Claypond Capital and included existing backers such as Yamaha Motor, Toyota Ventures, Lowercarbon Capital and Marubeni Ventures. About 40 % of the capital will be allocated to research and development, with the remainder supporting manufacturing expansion, retail growth and after‑sales infrastructure.

The company, which launched its utility‑focused electric scooter Indie in 2023, now sells roughly 6,500 vehicles a month through more than 75 stores, giving it about a 3 % share of India’s electric two‑wheeler market. River aims to increase its monthly production to 20,000‑25,000 units by 2028‑29, expand its retail network to over 350 outlets, and introduce two additional scooter models. Revenue rose 330 % in the fiscal year ending March 2026, reaching about ₹1 billion (≈$11 million) per month.