SphitiCap leads $9M Series A investment in Corrit Electric
- ByStartupStory | November 17, 2022
Early-degree task capital fund SphitiCap on Wednesday stated it has led a $nine million Series A investment spherical in Noida-primarily based totally electric powered mobility emblem Corrit Electric.
Founded in 2020, the startup rolled out its fat-tyre moto motorcycle Hover 1.zero in October 2020. After assessing Hover`s fulfillment on the street, the emblem in the end released greater variations Hover 2.zero and Hover 2.zero + with improvements as compared to the preceding model.
As according to a statement, SphitiCap`s funding will permit Corrit Electric to in addition its imaginative and prescient to have 1,50,000 Corrit Electric motorcycles on the street withinside the subsequent 3 years, ramp up its present manufacturing facility and release its new last-mile shipping a-motor motorcycle. “India is a -wheeler pushed marketplace, with mass buy falling on this phase. With the EV revolution taking up the subcontinent, we at SphitiCap accept as true that it’s far a completely opportune time to make investments withinside the developing marketplace. Corrit Electric has proven first-rate promise of their services and plans for the approaching 3 years, making them a super in shape for our portfolio,” Mayank Mehra, Managing Partner at SphitiCap stated.
According to Mayur Misra, CEO, Corrit Electric, the EV marketplace in India, mainly withinside the -wheeler and 3-wheeler phase, has visible tremendous increase. The increase curve for EVs is simplest going to get higher from right here for the reason that greater human beings at the moment are inclined to improve EVs. “It is anticipated that withinside the subsequent 3-five years, 50% of the brand new -wheelers bought may be electric powered. Finding companions who are aligned together with your imaginative and prescient and eager to put money into your dream for the proper motives is a tremendous feeling. We are thankful to have observed modern buyers in SphitiCap who apprehend the marketplace we’re catering to,” stated Mayur.
The budget raised can be deployed closer to the manufacturing of one-of-a-kind fashions of high-pace automobiles which Corrit Electric plans to release withinside the coming year. “We additionally can be making an investment greater in our advertising tasks to make certain that we’re capable of faucet the proper target target market for our merchandise throughout India. We in addition intend to revolutionize the last-mile shipping phase withinside the US via our upcoming release–Transit, which we’re very excited to release,” said Mayur. The electric powered vehicle (EV) marketplace in India is anticipated to hit over sixty three lakh unit mark by 2027 at a CAGR of 44%, in step with a record through India Energy Storage Alliance (IESA).
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