Corrit Electric Raises $9 Million In Series A Funding From SphitiCap The fund raised will be used to further the vision to have 1,50,000 Corrit electric bikes on the road in the next three years, ramp up their existing production facility and launch a new last-mile delivery e-bike
By Teena Jose
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Corrit Electric, a fast-growing electric mobility brand, has raised $9 million in Series A funding from founder-focused, early-stage, venture capital fund, SphitiCap. The fund raised will be used to further the vision to have 1,50,000 Corrit electric bikes on the road in the next three years, ramp up their existing production facility and launch a new last-mile delivery e-bike.
"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," said Mayur Misra, CEO, Corrit Electric
Founded in 2020 by Mayur Misra and Nishan Kapoor, Corrit Electric produces modern-day EV's that are designed to offer solutions to modern-day problems. With Hover, the brand aims to introduce a new segment of electric vehicles that are easy to purchase and maintain.
"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 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.
With innovation as the core fundamental, SphitiCap focuses on investments in enterprises that align with the tenets of sustainability, growth, and impact.
