In the bustling heart of India’s startup ecosystem, three visionaries embarked on a mission to redefine the electric vehicle industry. Prateek Darolia, along with his co-founders Mayur and Nishan, began their journey post-COVID, driven by a desire to innovate and overcome challenges in the EV market. Their initial creation, a fat-tire leisure scooter named Hover, quickly evolved into something far more significant. Through relentless perseverance, they navigated stringent government norms and indigenization requirements, leading to the birth of Corrit Electric. This multi-utility electric vehicle platform is set to revolutionize B2B transportation. Join us as we delve into this transformative journey with Prateek Darolia.
R. Chandra: Would like you to introduce yourself.
Prateek Darolia: Sure, my name is Prateek. My co-founders, Mayur and Nishan, have nearly a decade of experience in the solar space. Post-COVID, we began collaborating on an electric market venture. Initially, we created Hover, a fat-tire scooter for leisure, which received positive feedback but faced challenges with government norms and component importation. We then shifted focus to developing the Corrit Electric, a multi-utility electric vehicle platform for B2B segments after extensive market research.
R. Chandra: How did you navigate the initial challenges in the electric space?
Prateek Darolia: Initially, we were naive about the use cases of our product. Our first product, Hover, was adopted by a variety of people, from delivery guys to young students. We sold 1,000-1,500 units in NCR, but then government norms changed, making it difficult to continue. We realized the industry was evolving, with specific rules and subsidies coming into place. We decided to focus on a long-term vision and build a product for the national and international markets.
R. Chandra: Can you elaborate on the transition from your initial product to the Corrit Electric?
Prateek Darolia: Sure. We spent about two years on market research, case studies, and understanding supply chain requirements. By 2022, we understood that EV adoption in India would happen, but B2B segments would lead. Our focus shifted to creating a product that solves current market problems and provides a better value proposition. For example, a delivery guy riding 100 km a day would save significantly on fuel costs by switching to an EV. This understanding led us to develop the Corrit Electric, a multi-utility electric vehicle platform designed for various use case scenarios.
R. Chandra: What are the key features of the Corrit Electric?
Prateek Darolia: The Corrit Electric is designed around three principles: safety, durability, and modularity. It can be customized for different use cases by adding or removing parts and accessories. It’s engineered to withstand the demands of B2B use, such as riding 100 km a day, carrying heavy loads, and enduring rough terrain. The vehicle has features like a wrap-around chassis to protect the batteries, leg guards for rider safety, and a robust design to ensure durability.
R. Chandra: Can you explain the design and aesthetics of the Corrit Electric?
Prateek Darolia: From a category point of view, it falls into the electric scooter category, but its design is radically different. We didn’t want it to be compared to existing vehicles like the Activa. The unique design won the Best Design in EV Mobility award at the Confederation of Indian Industries Annual Design Awards, validating our approach. The vehicle looks sturdy and industrial, reflecting its B2B purpose. Our Design Team, headed by Ankit, an ex- IIT-ian and over a decade of experience with Industrial Design
R. Chandra: What is your role at Corrit Electric, and how do you contribute to the company’s success?
Prateek Darolia: Officially, I am the Head of B2B Relationships, but I handle three main domains: Marketing, NPD, and B2B relationships. This includes managing print and digital media, overseeing technical changes and future product development, and establishing strategic alliances with brands like Swiggy and Zomato. It’s a lot of work, but it’s enjoyable and rewarding.
R. Chandra: What were some of the biggest challenges you faced while starting and growing Corrit Electric?
Prateek Darolia: The biggest challenges were on the engineering front. Finding components like batteries and motors that could meet our specific requirements for durability and performance was difficult. Most manufacturers were focused on the B2C market, so we had to find partners who believed in our vision and were willing to collaborate on developing parts to our specifications. This collaborative approach helped us overcome initial hurdles and build a product that meets our standards.
R. Chandra: Are you planning to offer after-sales services, or are you focusing primarily on deliveries and sales first?
Prateek Darolia: If a company focuses on selling first and servicing later, it won’t last. With my 15-20 years of automotive experience, our approach is to make the product so good that there are minimal issues. If issues arise, we ensure complete facilities to resolve them. We also address common problems like lengthy warranty claims, availability of spare parts, and ensuring trained personnel for vehicle maintenance. We aim to sell only as many vehicles as we can adequately service, avoiding the pitfalls of overexpansion without proper service capacity.
R. Chandra: How do you address the common service issues in the EV industry?
Prateek Darolia: We focus on three main areas: 1) Making a high-quality product to minimize issues. 2) Ensuring comprehensive facilities to resolve any issues that arise. 3) Providing proper training and tools to our service personnel. Our strategy is to sell only as many vehicles as we can service effectively, avoiding overextension.
R. Chandra: What is your expansion strategy for your company?
Prateek Darolia: After launching our Delhi store, we are focusing on stabilizing our manufacturing, operations and service support in the NCR region first, which could take anywhere between 4-6 months, post which we will move aggresively to other goegraphical locations.
We want to ensure our vehicles, customers, dealers, and service infrastructure in Delhi are all running smoothly before considering other geographies. Our expansion rate will depend on our ability to service and train professionals for new regions.
R. Chandra: How do you plan to handle the scalability of manufacturing and service?
Prateek Darolia: Manufacturing can be scaled relatively easily, but our focus is on ensuring we can service the vehicles we sell. We prioritize having the right infrastructure and trained professionals in place before expanding to new markets. We have the support of venture capitalists and angel investors, so capital is not a barrier for us.
R. Chandra: How does the company approach growth with respect to resources and personnel?
Prateek Darolia: We recognize that our growth is as fast as our money, the right people, and the right resources allow. If an eligible candidate can join in two months, we are willing to wait because we share a long-term vision with our investors.
R. Chandra: What advantage do startups have over legacy companies?
Prateek Darolia: Startups can move much faster from ideation to production. Legacy companies have established systems and procedures that work for them, but startups can innovate and pivot more quickly. However, as we scale, we must evolve to have more efficient systems and less reliance on individual instincts.
R. Chandra: How does the company manage the transition from startup to a professional company?
Prateek Darolia: As we scale to mass production, such as producing 10,000 vehicles a month, we need efficient systems to reduce the scope for errors. The journey involves moving from a startup mindset to becoming a professional company, ensuring accountability at every step.
R. Chandra: How does the company balance work-life expectations for employees?
Prateek Darolia: We understand that long working hours may be expected in the early stages, but as employees advance to executive levels, we must respect their work-life balance and get the most out of their standard working hours.
R. Chandra: How do you plan to build and expand your customer base?
Prateek Darolia: Our strategy is to first establish a strong customer base in specific regions and cities. Once we can service these areas effectively, we will expand further.
R. Chandra: What is your pricing strategy for your vehicles?
Prateek Darolia: We price our vehicle competitively at ₹1,19,000 ex-showroom in New Delhi. Our vehicle features a 130 km range per charge, a 2.8 kWh LFP lithium-ion battery, and comes with a three-year warranty on the battery, motor, and electronics. It’s designed to be a durable workhorse for at least five years.
