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Updated February 12th, 2024 at 16:59 IST

EV maker Corrit Electric raises Rs 5 crore through Sportskeeda founder

Corrit plans to enhance focus on the transit vehicle, launched during Auto Expo in 2023.

Business Desk
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EV funding push: Electric vehicle (EV) startup Corrit Electric will raise Rs 5 crore in funding from Sportskeeda.com founder Porush Jain, who has been proactively involved as an angel investor, the company announced in a statement.  As per the company, Jain has shown confidence in Corrit Electric's mission of delivering clean, affordable, and efficient electric two-wheelers to the Indian market through this investment.

“This infusion of capital will empower Corrit Electric to expedite its endeavors in expanding operations and furthering its research and development initiatives,” said the company statement.  

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Corrit plans to enhance focus on Transit vehicle, launched during the Auto Expo in 2023. The vehicle has come in the limelight and seen huge demand from fleet operators and last-mile delivery-centric companies across the country.

Mayur Misra, Director and CEO of Corrit Electric talking about the investment said "We are delighted to announce the addition of Mr Jain to our Corrit Electric team as an investor. His investment injects crucial capital into our efforts to forge sustainable transportation solutions. We sincerely appreciate Mr. Jain's confidence in our vision and eagerly anticipate the opportunities ahead. We will be deploying the funds towards taking our much-awaited high-speed last-mile delivery vehicle- Transit into production and enhancing our R&D capabilities. The company aims to be present in 25+ cities in the next 6 months."

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Porush Jain while elaborating on investments said "I have a keen interest in sustainability startups. I believe Corrit Electric has a good team and a great product in their flagship vehicle, the 'Transit.' Through thorough customer research, a focus on indigenous vendors, and a great design team, they tick all the boxes for me.”

The Transit, a delivery electric bike produced by Corrit Electric, was recently awarded the prestigious CII Design Excellence Award in December 2023. The company aims to make ‘Transit’ the market leader in the last-mile delivery EV segment. Good looks and sturdy design of the product have already garnered many deals.

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Published February 12th, 2024 at 12:12 IST

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