River secures $120 million Series C to boost Indian electric moped production

River, an Indian electric-vehicle startup focused on a single moped model called Indie, closed a $120 million Series C round led by Elev8 Venture Partners and Claypond Capital, with participation from several domestic investors and existing backers such as Yamaha Motor and Mitsui. The capital, all primary equity, lifts the company’s total funding to $144 million and is intended to scale production from 300 to 20,000-25,000 vehicles per month, targeting operational profitability by 2028-29.

Mani highlighted that the Indie, priced at ₹155,000, sells roughly 6,000 units monthly and has generated a 330 % revenue jump in the fiscal year ending March 2026. The firm plans to add two new models after expanding its Bengaluru factory and building a second plant slated for mid-2027, while also expanding its dealer network to 400 outlets by 2028. Investors see the round as a bet on River’s proven ability to scale after earlier funds supported product development.