River looks to scale up model range, sales network; eyes manifold rise in revenue by Mar 2028

New Delhi, Sep 30 (PTI) Electric two-wheeler maker River is eyeing over tenfold increase in turnover by March 2028 as it looks to ramp up product portfolio and bolster sales network across the country, according to its Co-founder and CEO Aravind Mani.

The Bengaluru-based firm has already crossed Rs 100 crore in revenue with a single electric scooter and a limited sales network across the country.

River currently sells one model, 'Indie', from over 30 sales outlets, spread mainly in the southern and western parts of the country.

In an interaction with PTI, Mani stated that the company aims to have around 350 sales outlets by March 2028, resulting in monthly sales of approximately 20,000 units and a turnover of around Rs 1,200 crore.

"This fiscal end, we are targeting Rs 500 crore sales revenue. We aim to launch two new products by March 2027 and a third product when the network reaches the 350 outlet mark in 2028," he added.

By March 2028, the company will be at the Rs 1,200 mark, he said.

The EV maker plans to have 100 stores by the end of March 2026 and over 200 outlets by March 2027, covering the entire nation, Mani said.

The entire sales network will be fully supported by service centres, he added.

The company is also looking to enhance its production capacity and for that, is in talks with various state governments to set up a greenfield manufacturing plant, Mani said.

The company currently produces around 3,000 units a month at its Bengaluru-based facility, which is set up on a leased land parcel.

"By March next year, it will reach its production limit. We are speaking to various states to acquire land and build a factory," Mani said.

The company may require around USD 120-130 million in capital for its next phase of growth, he noted.

River, which is backed by various investors such as Japan-based Yamaha Motor Corporation, Mitsui & Co. Ltd, Marubeni Corporation and Dubai-based Al Futtaim group, has raised USD 70 million in multiple funding rounds.

"We will need another USD 120-130 million over the next 3-4 years. So maybe will raise it in different tranches as per the need," Mani said.

When asked if the company is also considering an IPO, he stated: "We can possibly look at something in the next 3-5 years. Our focus is not on IPO today but profitability. We want to be profitable by the time we get to around 15,000-20,000 vehicles a month." "If we are profitable, then we have better control as when we can do the IPO," Mani added.

River has sold around 15,000 Indie units since October 2023.

On export plans, Mani said: "While India remains the primary market focus, the aim is to establish a long-term global brand." The company is looking to commence shipments to Sri Lanka and Nepal this year and is also eyeing markets like South East Asia and Africa as future export markets. PTI MSS MSS SHW