Early-stage, venture capital fund, SphitiCap announces $9 million Series A funding in electric mobility brand Corrit Electric. Founded in 2020, the start-up rolled out its unique fat-tyre bike Hover 1.0 in October last year.
SphitiCap’s investment will allow Corrit Electric to expand its reach 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
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 per cent 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 further aim to revolutionise 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 (compound annual growth rate) of 44 percent.
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