Electric bike maker Corrit raises $9-M led by SphitiCap

Venture Capital firm SphitiCap has led a USD 9 million Series A funding round in Noida-based electric mobility brand Corrit Electric. Founded by Mayur Misra, the startup rolled out its fat-tyre bike Hover 1.0 in October 2020. It subsequently launched two more variants - Hover 2.0 and Hover 2.0 +. The funds will be used for the production of two different models of high-speed vehicles which Corrit Electric plans to launch in 2023. The firm will also invest in marketing.