SphitiCap Leads $9 Million Series A Financing at Corrit Electric

Early-stage venture capital fund SphitiCap said on Wednesday it led a $9 million Series A funding round into Noida-based electric mobility brand Corrit Electric.

Founded in 2020, the startup launched its Hover 1.0 fat tire bike in October 2020. After gauging the interest and success of Hover on the road, the brand subsequently released two more variants the Hover 2.0 and Hover 2.0+ with advances compared. with the previous model.

According to a statement, SphitiCap’s investment will enable Corrit Electric to further its vision to have 1,50,000 Corrit electric bikes on the road in the next three years, increase its existing production facility and launch its new last-mile delivery electric bike.

“India is a two-wheeler driven market, with mass buying falling into this segment. With the electric vehicle revolution taking over the subcontinent, we at SphitiCap believe the time is very opportune to invest in the growing market. Corrit Electric have shown tremendous promise in their offerings and plans for the next three years, making them a perfect fit for our portfolio,” said Mayank Mehra, Managing Partner of SphitiCap.

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According to Mayur Misra, CEO of Corrit Electric, the electric vehicle market in India, especially in the two- and three-wheeler segment, has seen significant growth. The growth curve for EVs will only get better from here as more people are now willing to upgrade to EVs.

“It is expected that in the next 3 to 5 years, 50% of the new two-wheelers purchased can be electric. Finding partners who are aligned with your vision and willing 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 targeting,” Mayur said.

The funds raised will go towards the production of two different models of high-speed vehicles that Corrit Electric plans to launch next year. “We will also invest more in our marketing initiatives to ensure that we can reach the right audience for our products across India. Furthermore, our goal is to revolutionize the last-mile delivery segment in the country through our next launch, Transit, which we are very excited to launch,” said Mayur.

The electric vehicle (EV) market in India is expected to reach over 63 lakh units per year by 2027 at a CAGR of 44%, according to a report by the India Energy Storage Alliance (IESA).

(The article was updated to correct a grammatical error.)