River Mobility, the Bengaluru headquartered two-wheeler electric vehicle (EV) manufacturer, has raised $120 Million in a Series C round of funding consisting of equity and venture debt.
This funding round was co-led by Elev8 Venture Partners and Claypond Capital with participation from Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital and HDFC AMC.
Besides, existing investors Yamaha Motor Corporation, Al Futtaim Group, Mitsui & Co., Alteria Capital, Innoven Capital and Stride Ventures also participated in this round.
River Mobility said the fresh capital will be used for capacity expansion at the existing factory, establishment of a new greenfield manufacturing facility and the launch of new products in the utility lifestyle segment.
The capital will also be used to drive gross margin expansion and EBITDA profitability.
