Indian EV startup River raises $120M Series C to scale production, launch more models

Indian electric two-wheeler startup River has raised $120 million in a Series C funding round to scale up manufacturing and expand its product line-up, bringing its total funding to $144 million. The round, led by Elev8 Venture Partners and Claypond Capital, reflects growing investor confidence in River's ability to scale production after it built its business around a single electric moped model, distinguishing it from rivals such as Ather Energy, Ola Electric, Bajaj Auto and TVS Motor in India's fast-growing EV market.

River's Indie moped, launched in 2023 and priced at roughly $1,630 with a range of about 99 miles, now sells around 6,000 units a month through more than 75 stores, with over 50,000 sold to date. Daily production has risen from 20 to 300 vehicles, and revenue grew 330% in the fiscal year to March 2026, reaching about $11 million a month. The company plans to launch two new models from next year, build a new factory with capacity for 700,000-800,000 vehicles annually by mid-2027, and expand its retail network to around 400 stores by March 2028, aiming for profitability by 2028-29.