Bengaluru-based electric vehicle (EV) startup River has made headlines with a remarkable 21-fold increase in operating revenue for the financial year ending March 31, 2025 (FY25). As per cofounder and CEO Aravind Mani, River’s revenue surged from ₹5 crore in FY24 to ₹104 crore in FY25, underscoring the company’s rapid expansion and the growing demand for electric mobility solutions in India. However, the significant rise in revenue came alongside an increase in net losses, which more than doubled to ₹176 crore from ₹83 crore in the previous fiscal year.
Founded in March 2021 by Aravind Mani and Vipin George, River focuses on building rugged, practical, and multiutility electric scooters tailored for Indian urban conditions. The company’s first and only model so far, the River Indie, was launched in February 2023 and hit the market in October 2023. Designed with a utilitarian approach, the Indie is equipped with features like large storage, high ground clearance, and robust suspension, making it a strong contender in the electric two-wheeler market.
The massive revenue spike within just a few months of launching sales highlights the strong consumer response and early market success of the Indie. River’s product strategy sets it apart from other EV startups by focusing on functionality and durability, addressing the specific needs of Indian urban riders who seek reliable alternatives to traditional petrol scooters.
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Despite this early success, River’s steep increase in net losses is a reminder of the capital-intensive nature of the EV business. Much of the losses are attributed to aggressive investments in manufacturing scale-up, supply chain optimization, expanding dealer networks, and ongoing product development. These investments are considered necessary for long-term scalability and competitiveness in the fast-growing EV sector.
River’s growth trajectory also reflects broader trends in India’s electric mobility space. With increasing government incentives, rising fuel costs, and heightened environmental awareness, EV adoption in India—particularly in the two-wheeler segment—has gained significant momentum. Both established players and emerging startups are vying for a share of this rapidly evolving market. River, with its unique value proposition, aims to carve out a niche by focusing on utility, build quality, and rider comfort.
Looking ahead, River plans to continue investing in its manufacturing infrastructure, expand its sales and service footprint across India, and potentially introduce new models in the future. The startup is also expected to strengthen its ecosystem by building partnerships for after-sales service, financing, and charging infrastructure.
In conclusion, River’s FY25 performance marks a crucial milestone in its journey. While the widening losses reflect the high cost of scaling in the EV space, the revenue growth signals strong product-market fit and consumer confidence. As the Indian EV revolution accelerates, River’s ability to sustain growth while achieving operational efficiency will be key to its long-term success.
Keywords: River EV, Bengaluru EV startup, River Indie scooter, electric scooters India, EV startup India, FY25 revenue River, electric vehicle news, two-wheeler EV startup, River electric scooter, Aravind Mani
