River Mobility, co-founded by Mani and Vipin George in March 2021, focuses on creating a unique “urban lifestyle” electric two-wheeler. They aim to provide a stylish and practical product for urban Indians. River targets a specific customer group rather than trying to cater to the entire two-wheeler market.
River’s strategy is based on the belief that creating a strong brand for the entire market is tough. For example, while there are various bike models, brands like KTM and Royal Enfield are known for specific types. Similarly, River aims to be known for “utility lifestyle” two-wheelers.
Mani and George used their experience from working at other companies, like the electric two-wheeler startup Ultraviolette, to start River. They raised a total of USD 68 million in funding from investors like Maniv Mobility, Trucks Venture Capital, Lowercarbon Capital, and Al-Futtaim Group. Their latest funding round raised USD 40 million, led by Yamaha.
River set up a 6,000-square-foot office in Bengaluru with an R&D team of around 250 people. They handle design, battery packs, and other components in-house, sourcing motors and controllers from other makers.
In a crowded EV market, River stands out by focusing on a niche segment. They launched their first electric scooter, Indie, within 27 months of starting. They prioritize customer value over aggressive market share expansion.
River aims to become a Rs 1,000 crore business by 2026. They plan to expand to 100 cities and sell 8,000-10,000 units per month by March 2026. They currently have one product but plan to launch another scooter by the end of 2025 or early 2026.
Mani stated that while Yamaha is a financial investor, there are no concrete plans for product partnerships yet. River’s first product, Indie, sells about 350 units in Bengaluru. They plan to expand to eight cities and sell 800-1,000 units per month by September. By March 2025, they aim to reach 20-30 cities and sell 3,000-4,000 units monthly. River expects to break even at 5,000-10,000 units per month and believes they have enough funds for the next 18-24 months.
