River Mobility secures $120 mn in Series C funding

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Bengaluru-basedelectric vehicle manufacturer River Mobility secured $120 Million in Series C funding round, comprising both equity and venture debt.

The fresh capital is intended to fund capacity expansion at the existing factory, the establishment of a new greenfield manufacturing facility, the launch of new products in the utility lifestyle segment, and initiatives to drive gross margin expansion and EBITDA profitability.

Since launching the River Indie in 2023, the company has established itself as a differentiated player in India’s electric two-wheeler market by building utility-first products designed specifically for Indian consumers. The company currently operates over 75 stores across India and is on track to expand its footprint to 350+ stores by March 2028.

Aravind Mani, Co-founder & CEO, River Mobility, shared, “This funding marks an important milestone in River’s journey. The confidence shown by both our existing and new investors reinforces our belief that there is tremendous opportunity to build India’s first utility and design based mobility brand. This capital gives us the ability to accelerate our product roadmap, expand our manufacturing footprint and presence across the country.”

River has witnessed strong momentum over the past year, with monthly sales growing to 5,000 units, while continuing to expand its manufacturing capacity and nationwide distribution network. The company plans to introduce new products over the coming years as it strengthens its position in India’s fast-growing electric mobility market.