PE-VC Fund Investments
Electric scooter maker River Mobility raises $120-M led by Elev8, Claypond Capital
Bengaluru-based River Mobility has raised USD 120 million in an oversubscribed Series C round. The 85% equity capital component was led by Elev8 Venture Partners and Claypond Capital, with participation from Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital, and HDFC AMC. Existing investors Yamaha Motor Corporation, Al-Futtaim Group, and Mitsui & Co. also participated in the round. The venture debt portion (constituting the balance 15%) was provided by Alteria Capital, Innoven Capital and Stride Ventures.Founded in 2021 by Aravind Mani and Vipin George, the company manufactures the Indie electric scooter. The company plans to use the new funds to ramp up manufacturing capacity, broaden its product range, and expand retail footprint from 75 outlets to 200 by March 2027. It intends to reach 400 large-format outlets across 180 cities by March 2028.River Mobility has raised approximately USD 190 million to date. The company reported revenue of INR 104 crore for fiscal 2025, compared to INR 5 crore in the previous year, while its losses rose to INR 176 crore from INR 82 crore over the same period.
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