Indian electric vehicle (EV) startup River announced on Wednesday that it has secured $120 million in Series C funding. The investment is intended to support the company's manufacturing expansion and its next phase of growth.
The funding round was led by Indian investors Elev8 Venture Partners and Claypond Capital, with additional participation from several other firms including Singularity AMC and HDFC AMC. Existing investors such as Yamaha Motor also contributed. This latest round brings River's total capital raised to $144 million.
River, founded in 2021, currently sells approximately 6,000 units per month of its single electric moped model, the Indie, which launched in 2023. The company has sold over 50,000 units to date. River's revenue increased by 330% in the fiscal year ending March 2026, with monthly revenue reaching around $11 million.
The startup plans to begin construction on a new manufacturing facility within the next two months, with the first phase expected to be operational by mid-2027. This new plant is projected to have an annual production capacity of 700,000 to 800,000 vehicles. River also intends to introduce two new models starting next year and expand its retail presence to more than 400 outlets by March 2028.