Sector-agnostic early-stage fund SphitiCap has invested $9 million (around Rs 72 crore) in Noida-based electric mobility firm Corrit Electric as a part of its Series A funding, marking the third bet from its maiden fund.
The startup plans to use the fresh funds to further its vision of onboarding 1.50 lakh e-bikes over the next three years and to scale up production unit.
Last month, Noida-based SphitiCap launched its maiden venture fund with an aim to raise a corpus of around $500 million, targeting enterprises focused on sustainability, growth and impact.
It had made its first investment of $2.3 million in eyewear brand ClearDekho and second one of $11.5 million in fintech startup PayVeda, from its maiden fund.
Founded in 2020, Corrit Electric produces electric vehicles that are designed to offer solutions to modern-day problems. The startup had launched its first fat-tyre bike Hover 1.0 in October 2020. Later, it rolled out its two more variants Hover 2.0, and Hover 2.0 +.
“The funds raised will be deployed towards the production of two different models of high-speed vehicles which we plan to launch in the coming year. We also will be investing more in our marketing initiatives to ensure that we are able to tap the right audience for our products across India,” said Mayur Misra, co-founder and chief executive at Corrit Electric.
“With the EV revolution taking over the subcontinent, we at SphitiCap believe that it is a very opportune time to invest in the growing market. Corrit Electric has shown tremendous promise in their offerings and plans for the coming three years, making them a perfect fit for our portfolio,” said Mayank Mehra, managing partner at SphitiCap.
SphitiCap, launched in September by Sphitigram Ventures Pvt. Limited, was founded with Mayank Mehra and Pallav Kumar Singh as managing partners. The VC fund envisions to decentralise enterprise growth to India’s tier II and III cities, as well as at the grassroots.
As per a report, venture capital and private equity companies have invested $666 million across 24 deals in the Indian electric mobility industry this year till July.
Earlier this week, Yulu Bikes Pvt. Ltd, which operates e-mobility-based transport startup Yulu, has secured loan of $9 million from US government’s Development Finance Corporation (DFC).