Indian EV Startup River Secures $120 Million to Scale Production

Led by Elev8 Venture Partners and Claypond Capital, the round brings River’s total capital to $144 million. The funding consists entirely of primary equity, signaling investor confidence in the company’s ability to move beyond its initial development phase. Existing backers including Yamaha Motor and Mitsui also participated, reinforcing the industry belief in River’s utility-focused approach within India’s crowded electric two-wheeler market.

Founder and CEO Aravind Mani notes that the company has evolved from assembling 20 vehicles daily to a current output of 300. This growth is essential as the startup prepares to launch two additional models starting next year. Current capacity at the Bengaluru facility, which tops out at 10,000 units monthly, will be supplemented by a massive new plant slated for commissioning by mid-2027. This facility aims for an annual production capacity of up to 800,000 vehicles, supporting the company's goal to expand its retail network to 400 outlets by 2028.