Indian electric two-wheeler startup River has raised $120 million (over Rs 1,000 crore) in Series C funding to expand its manufacturing capacity and business. The round, led by Elevate Venture Partners and Claypont Capital, also saw participation from prominent investors such as Yamaha Motor and HDFC AMC. This brings the total amount raised by the company so far to $144 million.

Launched in 2021, River competes with major players such as Ola Electric, Ather Energy, Bajaj and TVS in India’s fast-growing EV market. Unlike other companies, River has built its business around a single utility e-scooter model, the ‘Indie’, which was launched in 2023.

The company, which currently sells around 6,000 vehicles per month through over 75 stores across the country, has sold over 50,000 scooters so far. The company can now produce up to 300 vehicles per day, up from 20 vehicles per day earlier, and the new investment will help strengthen its manufacturing capacity and supply chain, said Arvind Mani, CEO of the company.