River Mobility Raises $120 Million Series C to Build New EV Scooter Factory in Karnataka
River Mobility, a Bengaluru-based electric two-wheeler manufacturer, has raised $120 million in an oversubscribed Series C funding round comprising a mix of equity and venture debt. The round was co-led by Elev8 Venture Partners and Claypond Capital, with participation from HDFC AMC, Singularity AMC, Anicut Capital, 360 ONE Asset and JIF Capital.
Existing investors including Yamaha Motor Corporation, Al-Futtaim Group, Mitsui & Co., Toyota Ventures, Marubeni Ventures and Lowercarbon Capital also participated, alongside venture debt firms Alteria Capital, InnoVen Capital and Stride Ventures. This marks River Mobility's first major funding round led by Indian institutional investors.
The company plans to use the capital to expand its existing manufacturing facility in Karnataka and construct a new greenfield plant capable of producing up to 80,000 electric scooters per month — an eightfold increase over its current 10,000-unit facility. River Mobility currently manufactures Yamaha's EC-06 electric scooter at its Bengaluru factory alongside its own Indie model.
The company plans to launch a second premium utility electric scooter by mid-2027, with a third model under development. River Mobility has sold more than 27,500 units of its Indie scooter as of July 2026, and expects annual sales to more than double, or potentially triple, from 2025 levels of around 28,000 units.