Venture Capital Firm SphitiCap Contributes $9 Million to Corrit Electric’s Series A Funding

Noida-based fast-growing electric mobility brand, Corrit Electric has secured $9 million in Series A funding from Noida-based founder-focused, early-stage venture capital firm, SphitiCap.

Corrit Electric’s investment from SphitiCap will enable it to further its goal of putting 1,50,000 Corrit Electric bikes on the road over the next three years, ramp up its current production plant, and introduce a new last-mile delivery e-bike.

The electric mobility start-up Corrit Electric was established in 2020, and in October of the same year, released its special fat-tire bike, the Hover 1.0. Following an evaluation of consumer demand and Hover’s success on the road, the company soon unveiled two further models, Hover 2.0 and Hover 2.0 Plus, both of which included significant improvements over the original. Brands like Corrit Electric have been inspired to lead by innovation and tech integration as a result of the rising trend toward economical travel and regulatory support for the EV industry.

Mayank Mehra, the Managing Partner at SphitiCap, commented on the investment by stating that “India is a two-wheeler driven market, with mass buying falling in this segment. We at SphitiCap think that now is a great moment to invest in the expanding market as the EV revolution sweeps the subcontinent. Corrit Electric is a wonderful fit for our portfolio because it has demonstrated enormous promise in its offerings and ambitions for the next three years. We are eager to observe and participate in their rapid growth.”

The CEO of Corrit Electric, Mayur Misra, said about the investment, “The EV market in India, especially in the two-wheeler and three-wheeler segment, has seen substantial growth. Given that more individuals are now eager to upgrade to EVs, the growth curve for EVs will only get better from here. In the next three to five years, 50% of newly purchased two-wheelers may be electric. Finding partners that share your vision and are eager to support your goal for the right reasons is a wonderful experience.”

In India, the market for electric vehicles (EVs) is anticipated to reach 63 lakh units annually by 2027, with a CAGR of 44%, according to a report by the India Energy Storage Alliance (IESA). Sphiticap and Corrit Electric have partnered in the pursuit of creating a sustainable India.