Electric vehicle start-up Corrit Electric has received an investment of $9 Mn in its Series A funding round led by early-stage venture capital fund SphitiCap.
Founded in 2020 by Mayur Misra, Corrit offers sustainable mobility solutions. It is presently selling three electric bikes–Hover 1.0, Hover 2.0 and Hover 2.0+
Corrit said it aims to introduce a new array of electric vehicles that are affordable and require less maintenance.
“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 their 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,” said Mayank Mehra, managing partner at SphitiCap.
According to the startup, the electric vehicle (EV) market in India is expected to hit over 63 Lakh unit mark per annum by 2027. The industry is likely to grow at a CAGR of 44% by 2027.
Corrit will use funds to actualise its vision to build 1.5 Lakh electric bikes in the next three years. It will also deploy fresh capital to ramp up its existing production facility and also build last-mile electric bikes for deliveries.
“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 will also be investing in our marketing initiatives to ensure that we can tap the right audience for our products across India,” said Mayur Misra, CEO of Corrit Electric.
Corrit aims to launch its last-mile delivery electric bike called Transit in some time.
In the EV segment, it faces competition from the likes of Ola, Okinawa, Pure EV and EMotorad, among others.
Some of the fundraisings that occurred in the EV sector is Motorad raising INR 24 Cr, MoEVing bagging $2.5 Mn and Ather Energy securing $50 Mn.