Indian EV Startup River Secures $120M Series C to Expand Production and Launch New Models

Indian electric vehicle startup River has raised $120 million in a Series C funding round to scale production and introduce new models. The round, led by Indian investors Elev8 Venture Partners and Claypond Capital, brings River’s total capital raised to $144 million. Founded in 2021, River focuses on a single electric moped model, the Indie, which it launched in 2023. The startup now sells around 6,000 vehicles monthly through 75 stores in India, with over 50,000 units sold. River’s revenue surged 330% in fiscal 2026, reaching ₹1 billion monthly. The company aims for operational profitability by 2028–29 when production hits 20,000–25,000 units monthly. River plans to launch two new models next year but faces capacity constraints at its Bengaluru facility, which now produces 10,000 units monthly. A new factory is expected to start construction within two months, with a 700,000–800,000 annual capacity by mid-2027. The startup also plans to expand its retail network to 400 stores by 2028. Investors now prioritize scaling over product development, recognizing India’s EV market potential despite initial skepticism about consumer adoption.