River Mobility has raised $120 milllion in a Sequence C funding spherical, comprising each fairness and enterprise debt, making it one of many largest personal investments in India’s electrical two-wheeler sector.

The spherical was led by Elev8 Enterprise Companions and Claypond Capital, with participation from Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital and HDFC AMC.

Present traders Yamaha Motor Company, Al Futtaim Group, Mitsui & Co. and enterprise debt companies like Alteria Capital, Innoven Capital and Stride Ventures additionally invested within the spherical.

The startup will use the recent capital to fund capability enlargement on the present manufacturing facility, the institution of a brand new greenfield manufacturing facility, the launch of latest merchandise within the utility way of life section, and initiatives to drive gross margin enlargement and EBITDA profitability.

Based in March 2021 by Aravind Mani and Vipin George, River Mobility is a Bengaluru-based electrical car producer. The startup designs and manufactures electrical two-wheelers, with its flagship product, the Indie, positioned as an electrical scooter for day by day commuting.

Aravind Mani, Co-founder & CEO, River Mobility, shared, “This funding marks an essential milestone in River’s journey. The boldness proven by each our present and new traders reinforces our perception that there’s great alternative to construct India’s first utility and design based mostly mobility model. This capital provides us the flexibility to speed up our product roadmap, develop our manufacturing footprint and presence throughout the nation.”

Commenting on the funding, Navin Honagudi, Managing Companion, Elev8 Enterprise Companions, stated, “The electrical two-wheeler market in India is coming into a defining progress section, pushed by sturdy shopper adoption, bettering economics, and rising demand for differentiated merchandise. River stands out for its sharp product considering, distinctive execution functionality, and a extremely differentiated positioning available in the market. Aravind, Vipin and the group have constructed a model that resonates deeply with shoppers searching for good design, utility and sturdiness.”

Sekhar Garisa, Managing Director, Claypond Capital, stated, “River has mixed disciplined execution and considerate product differentiation to quickly develop and garner buyer love in a aggressive market. We’re excited to assist the group as they scale additional whereas contributing to the nation’s power transition and home manufacturing ambitions.”

Commenting on the funding, Hajime Jim Aota, Chairman, Yamaha India Group, stated,“River’s concentrate on constructing vertically built-in electrical car expertise platform has been a key driver of its success. Yamaha are proud to see the progress made by River to this point and are enthusiastic about being a part of the following section of progress.”