SphitiCap leads Series A round in Corrit Electric

EV startup Corrit Electric has raised $9 million in its Series A round led by SphitiCap. This is the third investment by SphitiCap from its maiden fund.

SphitiCap’s investment will help Corrit Electric to have 1,50,000 electric bikes on the road in the next three years, ramp up existing production facility and launch its new last-mile delivery e-bike, the company said in a statement. The funds raised will also be used for marketing initiatives to tap the right audience for the company’s products across India. 

Founded in 2020 by Mayur Misra, the startup rolled out its unique fat-tyre bike Hover 1.0 in October 2020.  The brand launched two more variants Hover 2.0, and Hover 2.0 + with advancements compared to the previous model. 

Noida-based ShpitiCap is an early-stage fund which invests in startups ranging from pre-seed stage to Series A level. It recently launched its maiden venture fund with an aim to raise a corpus of around $500 million.  The firm, which also backed eyewear brand ClearDekho in October, plans to invest in about 15-20 platforms this quarter.

Fintech startup PayVeda also got funding from SphitiCap from its maiden fund.

As per Fintrackr’s data, there is a rising trend of investment in EV and EV-focused startups since 2020. The year 2020 recorded $195 million investment whereas 2021 saw $570 million, and 2022 has seen $673 million till September. In October, Euler Motors, Ather Energy, Vecmocon, EMotorad, Tirex Transmission, and Electriq raised their new round.