River, India's fastest scaling EV player and the company behind the Indie electric scooter, has raised $120 Mn in its Series C round from Elev8 Venture Partners, Claypond Capital, Yamaha, Al-Futtaim, 360One, Singularity AMC, Anicut Capital, HDFC AMC and others. This transaction marks the largest private passenger EV round of the year.
The Rainmaker Group acted as the exclusive financial advisor to River on the transaction.
Founded in 2021 by Aravind Mani and Vipin George, River is a mobility company reshaping personal transportation for livelihood. In under three years since its debut product - Indie's launch, River has rolled out 50,000+ units and expanded to 75+ stores across India - establishing itself as one of the country's fastest-scaling electric two-wheeler challengers and building a loyal community of riders along the way. The brand has already broken into the top 11 two-wheeler OEMs and the top 7 EV OEMs.
Its debut product, the Indie - the "SUV of scooters" - pairs bold, distinctive design with rugged, utility-first engineering, giving riders the best of both worlds: a scooter built as much to earn a living on as to enjoy.
The fundraise will fuel River's next phase of growth - scaling manufacturing capacity, deepening its retail and service network across India, and investing in its product roadmap as it builds a category-defining electric two-wheeler brand.
"The TRMG team was a steady, calming presence throughout a long and eventful journey and deeply invested in our story. They understood River like insiders and delivered a proud outcome that will propel us to the next level. They felt less like advisors and more like an extension of our own team." Said Aravind Mani, Co-founder and CEO of River.
Kewal Doshi from The Rainmaker Group said, “India's shift to electric mobility will be won by brands that are both loved and genuinely useful. Aravind and Vipin set out to build exactly that - a scooter designed for India's roads and India's livelihoods, with design and utility in equal measure. In just a few years, they have turned the Indie into one of the most distinctive stories in Indian EV. Businesses like this are never built on one strength alone - brand, manufacturing, design, service, retail, all advancing together. The team at River has done it with rare craft and quiet mastery. This raise was never just about a growth round; it was about believing in what Aravind and Vipin are building and finding the right partners to enable River on the long road ahead.”
About River
River is a Bengaluru-based mobility company on a mission to reshape personal transportation for livelihood. Founded in 2021 by Aravind Mani and Vipin George, River designs and manufactures electric two-wheelers built for real, everyday work. Its flagship product, the Indie, is a rugged, utility-first electric scooter - the “SUV of scooters” - that brings together distinctive design and hard-working practicality. River's engineering strength has also drawn in Yamaha as a partner - a global two-wheeler leader backing its tech stack, and validation of engineering depth in a category too often dismissed as non-defensible. With 50,000+ scooters on the road and a fast-growing retail footprint across India, River is building one of the country's most differentiated electric mobility brands.
About The Rainmaker Group
The Rainmaker Group is the investment banking partner of choice for India’s private businesses as they traverse their fundraising journey - from their first growth round to pre-IPO. The firm has delivered growth equity and secondary transaction milestones for over a dozen unicorns, soonicorns, and now-listed businesses.
The firm’s ‘rainmakers’ pride themselves on a founder-like mindset and a proprietary execution process that has delivered industry-leading closure rate and client retention. The Rainmaker Group’s relationship with global investors is underpinned by thoughtful client selection and an insight-driven approach to dealmaking.
To know more about The Rainmaker Group, get in touch with
Dhwani Mehta - dhwani.mehta@trmg.in
