River Mobility Co-founder & CEO Aravind Mani says that they’re planning to open 100 shops in seven cities by FY26.
River Mobility is planning to lift $150 million as a part of its enlargement plan to arrange a brand new manufacturing unit within the south to make electrical two wheelers, mentioned its prime govt.
“We’re in talks with officers from 4 southern states searching for 25-50 acres for establishing a brand new manufacturing unit. We’ll arrive at a last determination by second half of 2025 and can begin building in 2026,” mentioned River Mobility Pvt. Ltd., co-founder & CEO Aravind Mani throughout an interplay.
The Bengaluru-based EV begin up is scouting for recent funding for the brand new manufacturing unit as the present one at Hoskote close to Bengaluru will attain full capability in FY26. The funding within the new plant is round ₹1,000 crore and it might produce 5 lakh items each year along with present items capability one lakh automobiles each year.
“We have now already raised ₹550 crore in three rounds, most of which had been used for constructing a pilot plant in Hoskote and for scaling up the infrastructure. At the moment, promoters stake is 40%. We’re a zero debt agency and can be elevating debt funding,” he mentioned.
Mr. Aravind was within the metropolis to open the brand new outlet of River in Chennai. It already has two branches in Bengaluru and one in Hyderabad. By finish of FY25, the corporate plans to have 50 shops in several elements of the nation and 100 retailers in FY26. About 10% of retailers can be firm owned.
Requested about their most popular location for the brand new unit, he mentioned “although we wish to have it in Tamil Nadu, a lot relies upon upon availability of land, its worth and tax advantages.”
The three-year-old agency began retailing EVs underneath the model identify Indie from October 2023. It expects to clock a income of ₹80-120 crore within the first yr of its operations (FY25). At the moment, it’s promoting 400 bikes per thirty days via three shops.
