Corrit Electric raises $9 Million in Series A Funding from SphitiCap
Founder-focused, early-stage, venture capital fund, SphitiCap announces $9 million Series A funding in one of India’s fastest-growing electric mobility brand Corrit Electric. Founded in 2020, the start-up rolled out its unique fat-tire bike Hover 1.0 in October 2020.
After assessing interest and Hover’s success on the road, the brand subsequently launched two more variants Hover 2.0, and Hover 2.0 + with remarkable advancements compared to the previous model. The growing inclination towards cost-effective travel and policy support for the EV sector have given incentives to brands like Corrit Electric to lead by innovation and tech integration.
SphitiCap’s investment will allow Corrit Electric to further its vision to have 1,50,000 Corrit Electric bikes on the road in the next three years, ramp up its existing production facility and launch their new last-mile delivery e-bike
Talking about the investment, Mayank Mehra, Managing Partner at SphitiCap said, “India is a two-wheeler driven market, with mass purchase falling in this segment. With the EV revolution taking over the subcontinent, we at SphitiCap believe that it is a very opportune time to invest in the growing market. Corrit Electric has shown tremendous promise in its offerings and plans for the coming three years, making them a perfect fit for our portfolio. We look forward to witnessing and being a part of their accelerated growth.”
Sharing his thoughts on the investment, Mayur Misra, CEO of Corrit Electric, said “It is expected that in the next 3-5 years, 50% of the new two-wheelers purchased could be electric. We are grateful to have found innovative investors in SphitiCap who understand the market we are catering to. The funds raised will be deployed towards the production of two different models of high-speed vehicles which we plan to launch in the coming year. We also will be investing more in our marketing initiatives to ensure that we are able to tap the right audience for our products across India. We further aim to revolutionize the last-mile delivery segment in the country through our upcoming launch – Transit, which we are very excited to launch.”
The electric vehicle (EV) market in India is expected to hit over 63 lakh unit mark per annum by 2027 at a CAGR of 44 percent, according to a report by India Energy Storage Alliance (IESA). Sphiticap has joined hands with Corrit Electric with the hope of working together to build a sustainable India.
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