Corrit Electric Secures INR 5 Crore Funding from Angel Investor Porush Jain

Corrit Electric Secures INR 5 Crore Funding from Angel Investor Porush Jain

New Delhi: Corrit Electric, a well-known electric vehicle startup, has raised INR 5 crores in funding from Porush Jain, the founder of Jain, an entrepreneur and angel investor, has shown through this investment his confidence in Corrit Electric’s mission to bring clean, reasonably priced, and effective electric two-wheelers to the Indian market.

This funding infusion will enable Corrit Electric to accelerate its efforts to grow its business and advance its R&D projects. Over the next three to six months, the company intends to concentrate on its Transit vehicle. Debuting at Auto Expo 2023, the 

vehicle attracted a lot of interest and demand from fleet operators and last-mile delivery companies around the nation, the company stated in a press release.

“We are delighted to announce the addition of Mr Porush 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.”

Mayur Misra, Director and CEO of Corrit Electric, 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.”

Porush Jain said.

Corrit Electric’s Transit delivery electric bike won the CII Design Excellence Award in December 2023. The company hopes to position “Transit” as the industry leader in the last-mile delivery electric vehicle segment. The product’s attractive appearance and robust design have already attracted a lot of interest, according to the release.

Content Credit: ET Auto