Indian electric two-wheeler maker River has raised $120 million in a Series C led by 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 deal is mostly equity, with venture debt making up under 12%, and no secondary sales, according to CEO Aravind Mani. River has now raised $144 million in total.
The company bet everything on one product: the Indie moped, on sale since 2023. Monthly sales now run to about 6,000 units across more than 75 stores, with 50,000-plus delivered so far. River targets self-employed riders in their late twenties to mid-thirties, promising roughly 99 miles per charge.
Production has scaled from 20 vehicles a day to 300, and revenue jumped 330% in the fiscal year ended March 2026, reaching about $11 million a month. The company expects to become operationally profitable once monthly output hits 20,000 to 25,000 vehicles, which it aims to reach by 2028-29.
River is nearing capacity at its first factory outside Bengaluru, which can build about 10,000 vehicles a month. Construction of a new facility is expected to begin within two months, with the first phase commissioned by mid-2027 at an annual capacity of 700,000 to 800,000 vehicles. Two additional models are planned from next year, with the CEO noting capacity, not demand, is the current constraint.
