EV company Corrit Electric raises $9 Mn in a Series A investment round from early-stage venture capital fund SphitiCap.

Mayank Mehra, Managing Partner of SphitiCap said that the entire sub-continent is seeing EV Revolution and hence investing in the continuously growing EV Market is a great opportunity. The idea and vision of Corrit Electric matches the investment goals of SphitiCap as they are delivering in their services and goals are being achieved as promised by them.

By 2027 the electric vehicle (EV) industry in India is expected to reach 63 lakh units annually. Till the year 2027, the industry is expected to expand at a CAGR of 44%.

Corrit Plans To Make 1.5 lakh EV Vehicles

Corrit plans to utilize the money to carry out its plan to produce 1.5 lakh electric motorcycles over the following three years. It aims to use the additional funding to expand its current production facilities and create last-mile delivery electric motorcycles.

Corrit Electric CEO, Mayur Mishra said that the funds are to be used for the launch of two new models of High-Speed Electric Vehicles in coming years.

Corrit competes with companies like Ola, Okinawa, Pure EV and EMotorad in the EV market among others.

The Indian EV industry, which was worth $1,434 billion in 2021 as per to research reports, is expected to grow at a CAGR of 47.09% and reach a value of $15,397 Bn by 2027.

Among the companies that raised money in the EV industry are EMotorad which has raised INR 24 Cr, MoEVing which received $2.5 Mn and Ather Energy has raised $50 Mn.

The Company

Corrit Electric founded in 2020 by Mayur Misra, provides green transportation options. Currently it is offering the Hover 1.0, Hover 2.0 and Hover 2.0+ models of electric motorcycles brand.

Corrit wants to offer a new line of inexpensive, low-maintenance electric automobiles.

Featured Image Credit

Aditt Rupanii