Aravind Mani and Vipin George at River Factory, Hoskote.

Bengaluru-based electric two-wheeler manufacturer River Mobility has closed a USD 120 million Series C funding round comprising equity and venture debt.

The funding round was led by Elev8 Venture Partners and Claypond Capital, with equity participation from Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital and HDFC AMC. Existing investors including Yamaha Motor Corporation, Al Futtaim Group, Mitsui & Co., Alteria Capital, Innoven Capital and Stride Ventures also participated in the round.

The company plans to utilise the capital to expand manufacturing capacity at its factory, construct a greenfield production facility, introduce products in the utility vehicle segment and support margin expansion and EBITDA targets.

River Mobility launched its Indie model in 2023 and operates over 75 retail locations across India, with plans to expand to 350 stores by March 2028.

At present, the company says its monthly EV sales have reached 5,000 units.

Aravind Mani, Co-Founder & CEO, River Mobility, said, "This funding marks an important milestone in River's journey. The confidence shown by both our existing and new investors reinforces our belief that there is tremendous opportunity to build India's first utility and design based mobility brand. This capital gives us the ability to accelerate our product roadmap, expand our manufacturing footprint and presence across the country."

Navin Honagudi, Managing Partner, Elev8 Venture Partners, said, “The electric two-wheeler market in India is entering a defining growth phase, driven by strong consumer adoption, improving economics, and increasing demand for differentiated products. River stands out for its sharp product thinking, exceptional execution capability, and a highly differentiated positioning in the market. Aravind, Vipin and the team have built a brand that resonates deeply with consumers looking for brilliant design, utility and durability. We believe River is well-positioned to emerge as one of the defining EV companies from India.”

Sekhar Garisa, Managing Director, Claypond Capital, said, “River has combined disciplined execution and thoughtful product differentiation to rapidly grow and garner customer love in a competitive market. We are excited to support the team as they scale further while contributing to the country’s energy transition and domestic manufacturing ambitions.”

Hajime Jim Aota, Chairman of Yamaha India Group, said, “River’s focus on building vertically integrated electric vehicle technology platform has been a key driver of its success. Yamaha are proud to see the progress made by River so far and are excited about being part of the next phase of growth.”

GreenLine Mobility Solutions, an Essar Group venture, has entered into a partnership with Kirloskar Ferrous Industries to deploy electric trucks for the manufacturer's logistics operations.

The initiative began with the flag-off of electric trucks at Kirloskar Ferrous' facility in Taloja, Navi Mumbai, integrating electric transport into the company's goods movement.

At present, GreenLine operates a fleet of more than 1,200 liquefied natural gas and electric trucks across freight corridors in India, serving sectors including steel, cement, mining, fast-moving consumer goods and chemicals. The fleet has recorded over 100 million kilometres of operations, reducing carbon dioxide emissions by more than 30,000 tonnes for its clients.

Madhur Taneja, CEO, GreenLine Mobility Solutions, said, “At GreenLine, we are focused on advancing lower-emission freight transportation through solutions suited to different logistics requirements. LNG continues to play an important role in our approach to decarbonising long-haul transportation, while electric trucks offer opportunities in applications suited to electric mobility. Our partnership with Kirloskar Ferrous marks a further step in expanding our electric truck deployments and working with businesses to integrate cleaner transportation solutions into their supply chains.”

“Electrifying inter-plant logistics is where sustainability meets operational excellence, driving higher efficiency, lower costs and a cleaner future” said the Kirloskar Ferrous Industries leadership team.

Noida-headquartered fuel-tech startup Nawgati has been selected among the top 10 finalists from over 11,000 applicants for the UAE-India Startup Series 2.0, organised by the UAE-India CEPA Council. The selection qualifies the company to present at the Final Pitch Event in Bengaluru on 17 and 18 November 2026.

Founded in 2019 by Vaibhav Kaushik, Aalaap Nair and Aryan Sisodia, Nawgati operates an artificial intelligence (AI) and Internet of Things (IoT) platform for fuel retail and gas companies, dealers and government agencies.

Its on-site controllers connect fuel dispensers, cameras and billing systems to detect safety risks, procedure breaches and non-compliant vehicles, enabling operators to intervene in operations across stations in India.

Vaibhav Kaushik, Co-Founder and CEO, Nawgati, said, “We are honoured to be selected among the top 10 from over 11,000 applicants for the UAE-India Startup Series 2.0, and we thank the UAE-India CEPA Council for this recognition. We have built Nawgati for the person in the driver’s seat. When a station runs smoothly, drivers spend less time stuck in queues, find fuel more reliably, and get clear, real-time information before they even reach the pump. Seeing that difference across India is what motivates us most. We look forward to taking this experience to more drivers and more stations.”

Chennai-headquartered electric two-wheeler manufacturer Raptee.HV has opened a new three-storey Experience Centre on Old Mahabalipuram Road in Chennai.

The facility was virtually inaugurated by the Chief Minister of Tamil Nadu, C. Joseph Vijay, marking an expansion of the electric motorcycle manufacturer's retail network in its home market.

The facility replaces the company's previous factory outlet, providing space for customers to view the electric motorcycle, inspect its 240-volt high-voltage architecture, engage with technical staff and conduct test rides.

Raptee.HV's operations are supported by an INR 250 million investment from the Tamil Nadu Industrial Development Corporation (TIDCO). Following initial retail footprint additions in Bengaluru and Chennai, the company plans to expand to Coimbatore, Kochi, and Hyderabad, while evaluating export opportunities in Sri Lanka, Brazil and Turkey.

"Chennai is where our journey began, and bringing Raptee.HV closer to our customers here is special to us. We have always believed that listening to our customers is as important as engineering the motorcycle itself. We are proud to be the No. 1 electric motorcycle manufacturer in Chennai, our home market, and look forward to building on this leadership. Our new flagship store is an important step in that direction, allowing us to strengthen our connection with customers while offering them the premium experience they deserve. We hope to continue growing alongside the city that has been at the heart of our journey," said Dinesh Arjun, CEO and Co-Founder, Raptee.HV.

Hyderabad-headquartered electric commercial vehicle company Olectra Greentech has announced its financial results for Q2 of FY2027, recording revenue of INR 6.87 billion, a 5 percent increase compared to INR 6.56 billion a year ago.

The company reported an 18 percent increase in EBITDA to INR 1.09 billion, up from INR 930 million in Q2 FY2026. Profit Before Tax stood at INR 720 million compared to INR 684 million, while Profit After Tax reached INR 521.2 million, up 5 percent from INR 494.3 million.

In Q2 FY2027, the company delivered a total of 401 units, taking total first-half deliveries to 759 e-vehicles and cumulative deliveries past 4,750 units across 55 cities. The company said its electric buses have now cumulatively covered over 750 million kilometres. Furthermore, Olectra Greentech maintains an order pipeline of over 8,000 electric buses.

Mahesh Babu, Managing Director, Olectra Greentech, said, "Our Q2 FY2027 results reflect the continued strength of our business, with positive growth in revenue, vehicle deliveries and profitability. The 18 percent growth in EBITDA is particularly encouraging, reflecting our focus on operational efficiency and building a stronger foundation for the future. Building on this momentum, we are preparing to introduce our new generation Olectra electric buses, developed with a strong focus on localisation and designed for both domestic and international markets. Scheduled for launch in Q4 of this financial year, these buses represent an important step in our product innovation and expansion journey. Our progress is also reflected in the numerous awards we have received across various areas of our business, highlighting our achievements in innovation, sustainability and organisational excellence. These recognitions reflect the dedication of our teams and our commitment to continuously raising standards. As we move forward, our focus remains on driving innovation, expanding our capabilities and creating long term value while contributing to the future of sustainable mobility."