River Mobility Raises $120 Million To Scale India’s Utility EV Market

River Mobility, a Bengaluru-based startup, has successfully raised $120 million in Series C funding for its utility electric moped, the Indie. This investment round was led by Indian investors Elev8 Venture Partners, Claypond Capital, Singularity AMC, Anicut, 360 ONE, JIF, HDFC AMC, as well as existing backers Yamaha Motor, Al-Futtaim, and Mitsui.

The company had previously raised a total of $144 million, with only 12% of the capital taken in the form of debt. River Mobility's primary focus is addressing a gap in India's EV adoption story. Their target market consists of self-employed individuals, delivery riders, small business owners, and tradespeople who ride around 60-80 km a day and prioritize cost per kilometer and uptime.

The company launched its first product, the Indie, in 2023, which is a $1,630 electric moped with a claimed 99-mile range and cargo accessories. Since its launch, River Mobility has sold over 50,000 units of the Indie and generates approximately $11 million in monthly revenue, with a full-year revenue increase of 330% through March 2026.

The company aims to ramp up production, currently manufacturing 300 EVs per day, up from the initial 20 vehicles per day, which presented a substantial learning curve. The funding will be allocated to three main areas: constructing a new factory, launching two new utility models, and expanding the retail network of stores. Indian investors, such as Elev8 and Claypond, played a significant role in this round, recognizing the unique customer behavior and the company's ability to develop both product and production effectively.