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Indian EV Startup River Raises $120M Series C to Scale Production and Expand Models
Key points
- River raised $120 million in Series C funding.
- The funding will scale manufacturing and launch two new models.
- River currently sells 6,000 Indie mopeds monthly.
- Total capital raised by River is now $144 million.
Funding Details
Indian electric vehicle startup River announced a $120 million Series C funding round. 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, HDFC AMC, and existing backers Yamaha Motor, Al-Futtaim Group, and Mitsui. This brings River's total capital raised to $144 million.
Market Position and Product
Founded in 2021, River operates in India's electric two-wheeler market, competing with companies like Ather Energy, Ola Electric, Bajaj Auto, and TVS Motor. Unlike many rivals, River has focused on a single model, the Indie electric moped, launched in 2023. The Indie is positioned as a utility-focused vehicle, offering a claimed range of 99 miles and optional accessories.
Production and Growth
River currently sells approximately 6,000 vehicles per month through over 75 stores across India, having sold more than 50,000 units to date. The company has significantly scaled its manufacturing, increasing daily production from 20 to 300 vehicles. Driven by Indie sales, River's revenue grew by 330% in the fiscal year ending March 2026, with monthly revenue reaching about $11 million.
Future Plans
River aims to achieve operational profitability when monthly production reaches 20,000 to 25,000 vehicles, a target set for 2028–29. The company plans to introduce two additional models starting next year, expanding beyond its current single-model strategy.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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Reporting from
Indian electric vehicle startup River secured $120 million in Series C funding to increase manufacturing capacity and introduce new models. This funding will support River's growth in India's competitive electric two-wheeler market, where it currently sells its Indie moped.