River Mobility Private Limited has raised $120 million (approx ₹1,141 crore) in a River Mobility Series C fundraise led by Elev8 Venture Partners and Claypond Capital. Three of India’s leading law firms — Bharucha & Partners, Shardul Amarchand Mangaldas & Co, and Khaitan & Co — provided legal counsel across the transaction. The deal is described as one of the largest funding rounds in India’s two-wheeler electric vehicle sector.
Introduction
River Mobility Private Limited raised $120 million (approx ₹1,141 crore) in a Series C fundraise led by Elev8 Venture Partners and Claypond Capital, with the round also seeing participation from Singularity AMC, Anicut Capital, 360 ONE Asset, JIIF, and HDFC Asset Management Company, alongside global partners including Yamaha Motor Co., Ltd., Mitsui & Co., Ltd., Al-Futtaim, Marubeni Ventures Inc., Lowercarbon Capital, Toyota Ventures, and Maniv Mobility.
The transaction involved advising on an equity investment led by Elev8 Capital and Claypond Capital, venture debt investment from Alteria Capital, Innoven Capital, Stride Ventures and HDFC Bank, and the cross-border flip of World of River Limited, Inc. With this latest financing, River Mobility has raised approximately $188 million across equity and venture debt since inception, with the round also marking the company’s first major backing from Indian institutional investors.
Deal Value
The total deal value stands at $120 million (approx ₹1,141 crore).
Legal Teams Involved
Bharucha & Partners — Advised River Mobility
Bharucha & Partners advised River Mobility on this fundraise, with the transaction led by Swathi Ravi Girimaji (Partner, Practice Lead – VC and Growth Stage Investments).
- Swathi Ravi Girimaji — Partner, Practice Lead – VC and Growth Stage Investments
Shardul Amarchand Mangaldas & Co — Advised Elev8 Capital, Claypond Capital, Singularity Growth Opportunities Fund, Anicut Equity Continuum Fund and their respective co-investors
Shardul Amarchand Mangaldas & Co advised Elev8 Capital, Claypond Capital, Singularity Growth Opportunities Fund, Anicut Equity Continuum Fund and their respective co-investors, with the transaction led by Manish Gupta (Partner) and Ashish Ahluwalia (Partner), with support from Vivek Tiwari (Senior Associate), Shivangi Kumari (Senior Associate) and Adarsh Mishra (Associate).
- Manish Gupta — Partner
- Ashish Ahluwalia — Partner
- Vivek Tiwari — Senior Associate
- Shivangi Kumari — Senior Associate
- Adarsh Mishra — Associate
Khaitan & Co — Advised Yamaha Motor and Al-Futtaim
Khaitan & Co advised Yamaha Motor and Al-Futtaim on this fundraise. The firm fielded four specialist sub-teams across the core transaction, tax, merger, and venture debt components.
Core Transaction Team:
- Monika Srivastava — Partner
- Sanchit Agarwal — Partner
- Shubham Tejaswi Shahi — Principal Associate
- Prerna Kapur — Principal Associate
Tax Team:
- Sneh Shah — Partner
- Jinisha Jain — Senior Associate
Merger Team:
- Aman Yagnik — Partner
- Jamsheed Dadachanji — Principal Associate
Venture Debt Funding Team:
- Gautam Mudgal — Counsel
- Sonalika Ahuja — Principal Associate
Significance and Impact
The successful closure of this $120 million Series C round, comprising both equity and venture debt, makes it one of the largest private investments in India’s electric two-wheeler sector. The round also marks River Mobility’s first major backing from Indian institutional investors, adding to its strong global investor base.
River Mobility has stated that 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, as well as to drive gross margin expansion and EBITDA profitability. The transaction’s multi-layered structure — spanning primary equity, venture debt, and a cross-border inbound merger — required distinct specialist legal teams, reflecting the complexity and scale of the deal.
From a legal-market perspective, the mandate demonstrates strong demand for specialised VC and growth-stage counsel in India’s rapidly expanding EV financing landscape. For further deal intelligence across Indian law firms, see the Deal Meter.
The River Mobility Series C fundraise of US$120 million stands as one of the largest funding rounds in India’s two-wheeler electric vehicle sector. Bharucha & Partners, Shardul Amarchand Mangaldas & Co, and Khaitan & Co each played distinct advisory roles spanning equity investment, venture debt, and a cross-border corporate restructuring. The transaction underscores the growing sophistication of legal work in India’s electric mobility financing space.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
