Home / Companies / Start-ups /  SphitiCap makes third bet from maiden fund

NEW DELHI: Sector-agnostic early-stage fund SphitiCap has invested $9 million, or around 72 crore, in Noida-based electric mobility firm Corrit Electric as a part of its Series A funding, marking its third bet from maiden fund.

The startup plans to use the fresh funds to onboard 1,50,000 e-bikes over the next three years and to scale up production unit.

Founded in 2020, Corrit Electric produces electric vehicles (EVs) that are designed to offer solutions to modern-day problems. The startup launched its first fat-tyre bike Hover 1.0 in October 2020. Later, it rolled out 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 aims to decentralise enterprise growth to India’s tier II and III cities, as well as at the grassroots.

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.

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.

Yesterday, 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).

ABOUT THE AUTHOR

Shubhobrota Dev Roy

Shubhobrota Dev Roy is a copy editor with Mint. He hails from a small town called Silchar in Cachar district of Southern Assam. He graduated with a bachelors degree in the humanities from Gurucharan College. He also has a masters degree in Mass Communication from Guru Jambeshwar University in Haryana. He loves playing cricket, reading horror stories, binge watching shows and exploring new restaurants.
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