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Karnataka

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Yamaha-backed River Mobility secures $120m for manufacturing and retail expansion

River Mobility has secured $120 million from Elev8 Venture Partners, Claypond Capital and existing strategic investors to build new electric scooters, expand its retail network and establish a much larger factory. The capital strengthens River’s challenge to India’s established manufacturers, but profitability and demand after the expiry of national electric two-wheeler subsidies will determine whether its capacity ambitions are economically justified.