River, the Bengaluru-based maker of the Indie electric scooter, announced a $120m Series C round on 5 August 2026. The round combined new equity with a smaller venture-debt portion, and the equity was led by Elev8 Venture Partners and Claypond Capital.
Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital and HDFC AMC joined the equity round, according to Autocar Professional, while Alteria Capital, Innoven Capital and Stride Ventures provided the venture debt. Existing shareholders Yamaha Motor, Al-Futtaim Group and Mitsui & Co. also took part. The split between equity and debt was not disclosed, and no valuation was given.
Goodwin, which advised River, described the round as oversubscribed and made up mainly of primary equity. EVreporter reported that it was the company's first investment from Indian institutional investors, and D2C Insider called it one of the largest private funding rounds in India's electric two-wheeler sector.
“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.”Aravind Mani, Co-founder and CEO, River
What River does
River was founded in 2021 by Aravind Mani and Vipin George and develops electric two-wheelers built around utility and design. Its first product, the Indie scooter, went on sale in 2023. Yamaha India chairman Hajime Jim Aota said River's vertically integrated approach to its vehicle technology platform had been central to its progress.
The company said monthly sales had reached 5,000 units over the past year. It runs more than 75 stores across India and plans to have more than 350 by March 2028.
Mani, who is chief executive, said the investors' backing supported the company's aim of building India's first utility and design-led mobility brand, and that the money would let it move faster on new products, manufacturing and national reach.
What the money is for
River said it would use the funding to add capacity at its existing factory, build a new greenfield manufacturing plant, launch more products in what it calls the utility lifestyle segment, and improve gross margins and EBITDA profitability. The company plans to introduce additional models over the coming years.
Navin Honagudi, managing partner at Elev8 Venture Partners, said India's electric two-wheeler market was entering a defining growth phase, helped by strong consumer adoption, improving economics and rising demand for differentiated products. He said River stood out for its product thinking and execution, and that its founders had built a brand that appealed to buyers looking for design, utility and durability.
Sekhar Garisa, managing director of Claypond Capital, said River had grown quickly in a competitive market through disciplined execution and product differentiation, and that the firm wanted to support the company's contribution to India's energy transition and domestic manufacturing goals. Yamaha said it was proud of River's progress so far and wanted to be part of its next phase of growth.
The funding so far
The Series C follows a $40m Series B in February 2024 that was led by Yamaha and a $15m Series A in June 2023, according to D2C Insider. That outlet put River's total funding since its founding at about $188m across equity and venture debt. The company did not confirm a total in the announcement.
Autocar Professional listed Marubeni Ventures, Lowercarbon Capital, Toyota Ventures and Maniv Mobility among River's other backers.
Company website: rideriver.com