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

- URL: https://talkfuse.com/story/indian-ev-startup-river-raises-120m-series-c-to-scale-production-launch-more-models/
- Published: 2026-08-05T11:26:00+00:00
- Updated: 2026-08-05T11:33:14+00:00
- Original publisher: TechCrunch
- Original article: https://techcrunch.com/2026/08/05/indian-ev-two-wheeler-startup-river-raises-120m-after-scaling-with-one-model/
- Topics: Art, Asia, Business, Celebrity, Companies, Culture, Entertainment, TV, World

## Key points

- River raises $120M Series C, taking total funding to $144M
- Revenue up 330% as production scaled from 20 to 300 vehicles daily
- Plans new factory, two new models, and 400 stores by 2028

## Summary

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.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.