The Indian electric two-wheeler startup says the funding will back capacity expansion as Indie sales reach about 6,000 vehicles a month and a second plant is targeted for mid-2027.
River has raised $120 million in a Series C (late-stage private funding round) led by Elev8 Venture Partners and Claypond Capital to scale manufacturing for its next phase of growth in India's electric two-wheeler market. Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital and HDFC AMC joined the round alongside existing backers Yamaha Motor, Al-Futtaim Group and Mitsui; founder and CEO Aravind Mani told TechCrunch that less than 10% to 12% of the financing was venture debt (startup borrowing), the equity was entirely primary capital (new money raised by issuing new shares), and there were no secondary share sales. The round brings River's total capital raised to $144 million. Founded in 2021, River sells about 6,000 Indie electric mopeds a month through more than 75 stores and has sold more than 50,000 units so far. Mani said revenue rose 330% in the fiscal year ended March 2026 and monthly revenue reached about ₹1 billion, or around $11 million. River expects to become operationally profitable when monthly production reaches 20,000 to 25,000 vehicles, aims to get there by 2028-29, and is planning a second plant with annual capacity of about 700,000 to 800,000 vehicles while expanding its store network to more than 200 by March 2027 and about 400 by March 2028.