# Corrit Electric Private

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/corrit-electric-private

- Industry: Automobiles, Other Vehicles & Parts
- Headquarters: Noida, India
- Website: www.corritelectric.com
- Total disclosed funding: $0.1M
- Latest round: Series A (Sep 26, 2022)
- Investors on record: 1

## About

Founded in 2020, and based in Uttar Pradesh, India, Corrit Electric Private Limited designs and manufactures electric vehicles. In 2020, the company launched its first product Hover 1.0, a fat-tyre bike. In November 2022, Corrit Electric Private Limited raised USD 9 million in series A funding led by new investor Sphitigram Ventures.

The company has five production lines of electric bikes as of 2023 -- Hover 1.0, Hover 2.0, Hover 2.0+, Transit Commute, and Transit. The company also manufactures accessories for these products, including keyrings, vehicle body covers, and utility bags. The company's electric bikes can all be connected to its app which enables keyless ignition, geofencing and roadside assistance.

The company will use the fund raised in 2022 to build 1,50,000 electric bikes in the next three years, ramp up its current production plant, and introduce a new last-mile delivery e-bike.

## Funding rounds

- Series A, Sep 26, 2022, $0.1M — SphitiCap

## Investors

- SphitiCap (https://capitalatlas.ai/funds/sphiticap) — Series A