November 30, 2022

EV startup Korit Electric has received an investment of around ₹73 crore

Startup Funding – Korit Electric: India is currently trying to catch up with the world in terms of electric vehicles. All the startups in the country are playing the most important role in this, working to enrich the EV market with their innovations and technologies. It is heartening that his efforts are now getting the backing of investors.

Korit Electric, a Noida-based electric mobility brand, has now raised $9 million (around ₹73 crore) in its Series A funding round. The company received this investment from early stage venture capital fund, SfitiCap.

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According to the company, with this funding from SpeedyCap, it will be able to achieve its target of getting around 1,50,000 electric bikes on the road in the next three years.

Besides expanding its existing manufacturing facilities, the startup plans to launch new last-mile delivery e-bikes. In fact, the company is also aiming to produce two different models of high-speed vehicles in the coming years.

Korit was launched by Mayur Mishra in 2020 with the aim of launching a new range of electric vehicles that are economical in terms of both price and maintenance costs.

The startup first launched its first fat-tire electric bike, the Hover 1.0, in October 2020 and later following its success, launched two more variants – the Hover 2.0 and the Hover 2.0+ – with new updates.

Korit Electric

Commenting on the new investment Mayur Mishra, founder and CEO of the company said;

“In the next 3 to 5 years, 50% of new two-wheeler purchases are expected to be electric vehicles. We are delighted that SfitiCap has placed their trust in us as they understand the market needs that we are moving towards serving.”

“The secured investment will be used to produce two different models of high-speed vehicles, which are intended to be launched in the coming years. Also, we plan to invest in marketing etc. to take our products to the right audience across the country.”

India Energy Storage Alliance (IESA) According to a report, India’s electric vehicle (EV) market could be seen registering more than 63 lakh units per year by 2027.

Meanwhile, Mayank Mehra, Managing Partner of Sfiticap said;

“With the EV revolution spreading rapidly, we believe the time is right to invest in the EV market. Corrit has laid out a great roadmap with its offerings and plans over the next three years, making it a perfect addition to our portfolio.”

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