Electric vehicle (EV) manufacturing company Corrit Electric has raised $602,445 (Rs 5 crore) in an angel investment round from Porush Jain, the co-founder of sports content startup Sportskeeda.
This infusion of capital will allow Corrit Electric to expand operations and improve its research and development initiatives.
Corrit Electric is an EV bike manufacturing company founded by Mayur Misra and Nishan Kapoor. The startup started its operations by launching a homegrown fat tire bike – Hover. Following this, the brand then developed two additional variants of this scooter.
During the next 3-6 months, the company aims to put their delivery electric bike Transit into production.
"We will be deploying the funds towards taking our high-speed last-mile delivery vehicle- Transit into production and improving our R&D capabilities. The company aims to be present in 25 cities in the next 6 months," said Mayur Misra, director and chief executive officer, Corrit Electric.
Sportskeeda, which is owned and operated by Absolute Sports Pvt. Ltd was founded in 2009 by Jain and Srinivas Rowjee Cuddapah.
In 2019, Mobile games developer Nazara Technologies Ltd invested Rs 44 crore in Sportskeeda for a 67% stake.
The electric bike manufacturing space has seen a surge in investments across stages in the last couple of years. Existing incumbents Ola Electric and Ather Energy have raised substantial PE/VC funding, with Ola Electric on the track of going public, as it filed its draft red herring prospectus in December 2023.
In terms of early-stage investments in the space, Oben Electric raised $4.8 million in an extended pre-Series A funding round from a host of investors including Stride Ventures and Indian Renewable Energy Development Agency (IREDA), Mumbai Angels and existing investors We Founders Circle, Kalvani Family Office and US India EV Angels in 2023.
