Corrit Electric, a prominent electric vehicle startup, has raised INR 5 crores in funding from Porush Jain, the creator of Sportskeeda.com. As an angel investor and entrepreneur, Jain has expressed confidence in Corrit Electric’s mission to provide clean, affordable, and efficient electric two-wheelers in the Indian market.
This investment will empower Corrit Electric to accelerate its operations expansion and advance research and development initiatives. Over the next 3-6 months, the company will focus on its Transit vehicle, launched during Auto Expo 2023, which garnered significant attention and demand from fleet operators and last-mile delivery companies nationwide.
Mayur Misra, Director and CEO of Corrit Electric, expressed gratitude for Mr. Jain’s investment, emphasizing its crucial role in achieving sustainable transportation solutions. The funds will be directed towards the production of the high-speed last-mile delivery vehicle, Transit, and enhancing R&D capabilities.
Corrit Electric aims to establish a presence in 25+ cities within the next 6 months. Porush Jain, sharing his perspective, highlighted his interest in sustainability startups and praised Corrit Electric’s team, emphasizing the excellence of their flagship vehicle, ‘Transit.’
The Transit, a delivery electric bike, received the CII Design Excellence Award in December 2023, with the company aspiring to make it a market leader in the last-mile delivery EV segment, leveraging its appealing design and robust features.
