Alteria Capital, InnoVen Capital and Stride Ventures have provided River Mobility with a venture debt sleeve inside a $120 million Series C. The rupee and dollar size of the sleeve was not disclosed.
Aravind Mani, Founder and Chief Executive of River, told TechCrunch that less than 10 per cent to 12 per cent of the round comprised venture debt and that the equity was entirely primary, with no secondary share sales.
Elev8 Venture Partners and Claypond Capital led the equity, with Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital and HDFC AMC participating. Existing backers Yamaha Motor, Al-Futtaim Group and Mitsui also joined.
River said the capital will support its next phase of growth, including manufacturing scale-up, further models and a wider store network. Mani told The Times of India that about half the money will go to research and development, new product work and a new plant, with the rest funding operations and the store rollout.
River Mobility is a Bengaluru electric two-wheeler company. It has built the business around a single model, the Indie electric moped launched in 2023.
Mani said the financing takes total capital raised to $144 million. The Series C follows a $40 million Series B led by Yamaha Motor in February 2024 and a $15 million equity round led by Al-Futtaim Group in June 2023.
River said revenue rose 330 per cent in the year to March 2026.
Alteria Capital is a Mumbai venture debt firm founded in 2017. Alteria says it has $550 million of assets under management, has funded more than $750 million and has a portfolio of more than 200 companies.
InnoVen Capital is a joint venture between Seviora, a wholly owned Temasek subsidiary, and United Overseas Bank. Established in 2015, InnoVen provides debt to venture-backed technology companies in India, Southeast Asia and China and said it has invested more than $1.9 billion across more than 770 transactions.
Stride Ventures is a venture debt and growth credit manager with a presence in India, the Gulf Cooperation Council and Southeast Asia, and an advisory business in the United Kingdom. Stride says it has enabled more than $1.6 billion of credit globally and has a portfolio of more than 200 companies.