River, a Bengaluru-based electric two-wheeler startup, said on August 5 it raised $120 million in a series C round led by Elev8 Venture Partners and Claypond Capital to expand manufacturing, taking its total funding to $144 million.

Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital, HDFC Asset Management Company (HDFC AMC), and existing backers Yamaha Motor, Al-Futtaim Group, and Mitsui also participated.

CEO Aravind Mani said less than 10% to 12% of the round was venture debt.

River launched its Indie scooter in 2023. The company was founded in 2021; a separate report identifies Vipin George as a co-founder alongside Mani.

River said it sells about 6,000 vehicles a month through more than 75 stores across India and plans to build a new factory and expand to more than 200 stores by March 2027.

Mani said the company’s current plant on the outskirts of Bengaluru can produce about 10,000 vehicles a month after recent upgrades.

🔗 Source: River