EV Startup River’s Revenue Surges 21X To Cross INR 100 Cr

SUMMARY

While the startup’s operating revenue zoomed 21X to INR 104 Cr in FY25, its loss more than doubled year-on-year to INR 176 Cr

River CEO Aravind Mani attributed the growth in the top line to a rise in its escooter sales, which jumped to 6,157 units in FY25 from 386 units in FY24

The startup aims to sell 3,000 to 4,000 units per month by October this year as against around 1,000 units currently on the back of its store network expansion

Bengaluru-based EV startup River’s operating revenue skyrocketed nearly 21X to INR 104 Cr in the financial year ended March 31, 2025 (FY25) from INR 5 Cr in the previous fiscal year, its CEO and cofounder Aravind Mani said.

However, the startup’s net loss more than doubled to INR 176 Cr during the year under review from INR 83 Cr in FY24.

River claimed that it is currently selling about 1,000 escooters per month, and its total sales stood at 6,157 units in FY25. However, as per Vahan data, it sold 4,245 EVs in FY25 and 801 EVs in March this year.

Mani told Inc42 that this difference was due to the absence of data from Telangana, a key market for River, on the Centre’s Vahan portal.

River’s escooter sales stood at a mere 386 units in FY24.

Founded in March 2021 by Mani and Vipin George, River manufactures multiutility escooters. It currently has only one model – Indie, which was launched in February 2023. The startup began sales of the escooter in October 2023.

The startup has a manufacturing unit in Bengaluru, while it operates its R&D facility at the outskirts of the city.

River aims to achieve positive gross margin by October this year by selling 3,000 to 4,000 units per month, the CEO said. However, it will need to sell 15,000 to 20,000 units per month to achieve EBITDA positivity, he added.

The startup is expanding its store network to grow its sales. River currently operates 12 stores across Bengaluru, Hyderabad, Chennai, Hubballi, Visakhapatnam, Kochi, Coimbatore, Mysuru, and Tirupati. According to Mani, this network will grow to 25 stores by the end of April.

River has raised around $70 Mn from investors like Yamaha, Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility to date. It last raised $40 Mn from Yamaha in 2024.

River competes against startups like Ola Electric and Ather Energy, as well as legacy auto companies like TVS Motor and Bajaj Auto in the country’s burgeoning electric two-wheeler market.

In FY25, electric two-wheeler registrations in the country jumped more than 21% to 11.49 Lakh from 9.48 Lakh units in the previous fiscal year, as per Vahan data. Moreover, two-wheelers accounted for 56% of all EV registrations in FY25.