Mumbai, Aug. 5 -- 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 ...