River EV clocks ₹100 cr revenue in FY25, targets aggressive pan-India rollout

Bangalore-based EV startup, River EV, has reported a revenue of ₹100 crore for FY25, and gears up for an aggressive nationwide expansion over the next year.

The company sold close to 5,000 scooters last year, making it among the top ten EV two-wheeler companies in the country in terms of sales. In March, Bajaj led the EV-2W sales with 35,931 units, followed by TVS Motor (32,302), Ola (23,804) and Ather (16,587), according to data from Vahan.

Currently operating 25 stores across six southern states, River plans to expand its footprint significantly by 2026. In North India, it aims to open 20 outlets across Madhya Pradesh, Delhi, Rajasthan and Punjab by the end of the current fiscal. Additionally, it plans to set up 25 stores in Maharashtra and Gujarat, and 11 more across eastern states, including Odisha, West Bengal, Chhattisgarh, Bihar, Jharkhand and Assam. In southern India, the company targets scaling its retail presence to 60 stores by March 2026.

Commenting on the retail expansion, Arvind Mani, CEO, and Co-founder, River, told businessline that the company’s expansion plans have followed a very structured approach. “We’ve been very deliberate about getting the retail format right — we won’t open an outlet unless there’s a fully functional service center with it. That’s been our approach across Bangalore, Kerala, everywhere,” he said.

The company is also planning an international expansion with plans to enter Sri Lanka by the end of this calendar year. However, Mani emphasised a cautious outlook on exports, noting that international markets often yield lower volumes. “India remains the core opportunity for now,” he said.

(Report filed by BL intern Rohan Das)

Published on April 24, 2025