River EV Eyes $80 Million Funding Boost from A91 Partners and Ranjan Pai

Bengaluru based electric two-wheeler startup River is reportedly in advanced discussions to raise approximately $80 million (₹720 crore) in a fresh funding round. According to industry sources, the round is expected to see participation from prominent venture capital firms including A91 Partners, Elev8 Venture Partners, and Claypond Capital, the family office of Manipal Group Chairman Ranjan Pai.

This potential capital infusion comes at a time when River is rapidly scaling its operations, having recently crossed the milestone of 20,000 units produced and securing a spot among India’s top 10 electric vehicle (EV) brands by monthly sales.

Fueling the "SUV of Scooters" Expansion

River, founded in 2020 by Aravind Mani and Vipin George, has carved a niche in the crowded Indian EV market with its flagship model, the River Indie. Marketed as the "SUV of Scooters," the Indie is celebrated for its utility focused design, featuring a massive 43 liter under seat storage and 14 inch wheels a first for the Indian scooter segment.

The new $80 million round follows a successful $40 million Series B round led by Yamaha Motor Co. in early 2024. The startup plans to utilize the fresh capital to:

• Expand Retail Footprint: Scale from its current 45 outlets to over 100 stores by March 2026.

• Boost Manufacturing: Increase capacity at its Hoskote plant and explore a second greenfield facility to support a target of 20,000 monthly units by 2028.

• R&D and Product Pipeline: Accelerate the development of at least two new product platforms scheduled for launch by 2027.

Key Investors Betting on River's Utility Focus

The reported interest from A91 Partners and Ranjan Pai's Claypond Capital underscores the growing investor confidence in River’s differentiated product strategy. Unlike competitors focusing solely on speed or tech heavy dashboards, River has prioritized ruggedness and storage, appealing to both urban commuters and the delivery economy.