Early-stage, venture capital fund SphitiCap on Wednesday announced $9 million Series A funding in a Noida-based electric mobility brand Corrit Electric.
Founded in 2020, the startup rolled out its fat-tyre 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 advancements compared to the previous model.
As per a statement, 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 its new last-mile delivery e-bike.
“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,” Mayank Mehra, Managing Partner at SphitiCap said.
According to Mayur Misra, CEO, Corrit Electric, the EV market in India, especially in the two-wheeler and three-wheeler segment, has seen significant growth. The growth curve for EVs is only going to get better from here given that more people are now willing to upgrade to EVs.
“It is expected that in the next 3-5 years, 50% of the new two-wheelers purchased could be electric. Finding partners that are aligned with your vision and keen to invest in your dream for the right reasons is a great feeling. We are grateful to have found innovative investors in SphitiCap who understand the market we are catering to,” said Mayur.
The funds raised will be deployed towards the production of two different models of high-speed vehicles which Corrit Electric plans 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 revolutionise the last-mile delivery segment in the country through our upcoming launch–Transit, which we are very excited to launch,” stated Mayur.
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%, according to a report by India Energy Storage Alliance (IESA).
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