TL;DR
River Mobility, an Indian electric two-wheeler maker, has raised $120 million in Series C funding to build a second manufacturing plant and launch two new vehicle models, signaling major expansion.
Bengaluru-based electric two-wheeler manufacturer, River Mobility, has successfully raised $120 million in a Series C funding round. The investment, co-led by Elev8 Venture Partners and Claypond Capital, brings the company's total capital raised to $144 million. This significant funding injection is earmarked for ambitious expansion plans, including the establishment of a second manufacturing plant and the development of two additional vehicle models.
River Mobility is rapidly approaching the full capacity of its initial manufacturing facility, located on the outskirts of Bengaluru, which currently produces around 10,000 vehicles per month after recent upgrades. Construction on the new facility is expected to commence within the next two months, following the finalization of its location. This expansion is crucial for River to overcome current capacity constraints that are impacting its product roadmap and ability to introduce new models.
The company, which has built its business around its utility electric moped, the Indie, launched in 2023, is now planning to introduce two new models starting next year. The latest funding round also saw participation from existing investors such as Yamaha Motor, Al-Futtaim Group, and Mitsui, alongside new backers including Singularity AMC, Anicut Capital, 360 ONE Asset, and JIF Capital. The investment highlights investor confidence in River Mobility's ability to scale operations and capitalize on India's burgeoning EV market.
