Corrit EV is pinning its hopes on its fast-delivery e-scooter “Transit”

Mayur Mishra, CEO, Corrit EV

How did Corrit EV start its journey in the two-wheeler segment?

We started the company in 2019. I entered the renewable energy industry in 2015. However, right at the beginning, COVID hit the country. While this halted our plans, it also gave us time to develop the right strategies for the technical work. At the same time, many major automobile companies like Mahindra and Tata also announced their plans to launch electric two-wheelers. Earlier, we had experimented with retrofitting electric four-wheelers and found that the cost of retrofitting these vehicles (without car) is around Rs 600,000-700,000. Soon, we realized that the cost economics are not favorable in this market. We also realized the huge potential of the electric two-wheeler market in the country and jumped on the bandwagon.

How did you transition from a slow-moving electric vehicle to a fast electric scooter?

So we decided to develop electric two-wheelers from scratch. The first scooter we designed was the Hover, a scooter with thick tires. It was intended for children and the elderly as the thick tires gave them more safety. It was a slow vehicle. Within a year, we sold around 500 units. But later in 2022, due to some regulatory changes, we had to backtrack because of the weight issue.

In 2021, we started working on our next model ‘Transit’, which was for last-mile delivery. It was India’s first high-speed electric scooter for delivery. We are now hoping to do good business with our Transit model. We now have a good dealer network to drive growth. We will officially start production in August 2024.

How do you see the market for slow and fast electric scooters?

For last-mile delivery, high speed is critical. It allows the delivery person to cover longer distances quickly, which is essential for maximizing the number of deliveries per day. Low-speed vehicles cannot cover long distances effectively, so high-speed options become a necessity for efficient delivery services.

You mentioned that the retrofit did not prove to be profitable. What were the main problems?

Retrofitting poses significant challenges, particularly for four-wheelers. Regulatory approvals for different models and high investment costs make it less viable. For example, retrofitting a Tata Ace would cost almost as much as a new vehicle, reducing profitability.

How have your products performed so far?

Our first high-speed delivery vehicle, the Transit, received positive feedback after its launch at Auto Expo 2022. It won the CII Best Design Award in the Mobility category in 2023. Our focus on fast charging is a significant advantage; our vehicles can charge from 0-80% in around 30 minutes and we are working to shorten this further.

Which markets are you targeting with your electric scooters?

Initially, we are focusing on the Delhi NCR region. It is a large market and a good testing ground for our new production. We plan to set up around eight to ten dealers and aim to sell between 800 and 1,000 units in the next six months. Success here will pave the way for expansion to other states.

Who are your main customers and what are your goals?

Our main customers are large fleet operators and delivery companies. We are currently running pilot programs with several major players. If successful, we aim to deploy 50,000 to 75,000 Transit scooters for last-mile delivery and e-commerce within the next 12 to 18 months.

What makes your vehicles unique?

Our modular design is unique, allowing different cargo boxes to be attached quickly and easily without additional tools. We also offer solutions such as a charging option for cool boxes in the healthcare sector. Our focus on modularity and innovative design sets us apart.

Are there any plans to expand beyond electric two-wheelers in the future?

Currently, we remain focused on electric two-wheelers. The market is still developing, with electric vehicle penetration below 5%. We are committed to expanding our existing product line and improving our technology before considering expansion into other vehicle categories.