Indian EV startup River raises $120M Series C to scale production, launch more models
Indian electric vehicle startup River has raised $120 million in a Series C funding round to scale production of its Indie moped. The company has seen significant growth in manufacturing capacity over the past year.
Why it matters
The success of startups like River highlights the rapid expansion of the electric two-wheeler market in India, a key sector for global EV adoption.
Indian electric vehicle startup River on Wednesday said it had raised $120 million to scale manufacturing for its next phase of growth.
The Series C 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, alongside existing backers Yamaha Motor, Al-Futtaim Group, and Mitsui.
Less than 10% to 12% of the round comprised venture debt, and the equity funding raised was entirely primary capital, with no secondary share sales, founder and CEO Aravind Mani (pictured above, right) told TechCrunch. The round brings River’s total capital raised to $144 million.
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