Bengaluru-based electric vehicle startup River is negotiating a massive funding round of up to ₹950 crore ($100 million), marking its biggest raise yet. Reported by Moneycontrol on May 4, 2026, the Series C round involves top Indian investors like Claypond Capital (Ranjan Pai’s family office), Elev8 Venture Partners, and Anicut Capital. Initially targeting $80 million (₹720 crore), the deal grew due to strong interest, shifting from earlier global backers.
River, known for scooters like the indie-Go and T’s, has raised $70 million previously from Yamaha Motor, Toyota Ventures, and others. FY25 revenue soared 21X to ₹104 crore, fueled by rising EV demand in India, where sales hit 2 million units in 2025. The fresh capital will fund new EV models, a second manufacturing plant, wider distribution, and R&D for better batteries.
India’s EV market, backed by FAME-III subsidies, eyes 30% penetration by 2030. River plans 100+ experience centers by 2027, competing with Ola Electric and Ather. CEO Aravind Sankar noted the funds will scale production to 1 lakh units yearly, creating 5,000 jobs. Valuation could hit $300 million post-money. This domestic-led round signals confidence in India’s EV push amid global supply chain shifts. With government incentives and falling battery costs (down 20% in 2025), River aims for profitability by FY27.
FAQs [Frequently Asked Questions]
1. Who is investing in River’s ₹950 crore round?
Claypond Capital, Elev8 Venture Partners, and Anicut Capital lead the Series C. It’s River’s first major Indian-heavy fundraise, up from $80M initial target.
2. What will River do with the new funds?
Expand manufacturing, launch new EV models, build 100+ centers, boost R&D for batteries, and scale to 1 lakh units/year, targeting profitability.
3. How has River performed so far?
FY25 revenue jumped 21X to ₹104 crore; prior $70M raised from Yamaha, Toyota Ventures. Competes in India’s 2M-unit EV market aiming 30% share by 2030.