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Updated February 6th, 2024 at 20:17 IST

Snap E-cabs raises $2.5 million led by Inflection Point Ventures

The company plans to allocate funds for talent acquisition, tech upgrades, and expanding operations into new geographies.

Reported by: Business Desk
Snap e-cabs
Snap e-cabs | Image:Snap e-cabs
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Clean drive: EV Ride-hailing platform Snap-E Cabs has raised $2.5 million in a Pre-Series A Round led by Inflection Point Ventures.

The company operates with 600 EVs in Kolkata, with plans to expand its fleet by 300-400 EVs by the end of FY24.

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The funds will be allocated for growth, tech upgrades and new tech-enabled services with expansion of operations to additional geographies.

The company aims to extend services to 2-3 more cities by FY25, adding further 1500-2000 EVs which is a significant scale-up in its operations.

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Founded in 2022 by Mayank Bindal and Jaydip Mukherjee, Snap E-cabs is a brand under EC Wheels India Private Limited and a subsidiary of Steelman Telecom Limited.

Mayank Bindal, Founder and CEO of Snap-E Cabs said, “Global EV sales doubled to 16.5 million units in 2021, and India's ambitious goal to have EVs represent 30 per cent of road traffic by 2028 could have significant global impacts, reducing the country's oil dependency and serving as a replicable model for emerging economies. India's transition to electric vehicles not only disrupts global oil markets but also positions the country, with its 1.4 billion population and rapidly growing economy, as a key player in the global EV market, marking a substantial step toward sustainable development.”

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The company utilises a hybrid B2B and B2C model, thereby maintaining less than 5 per cent downtime and ensuring swift vehicle turnaround. 

The company offers no cancellations or surge pricing, and is a 100 per cent electric fleet.

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The company said it is the biggest fleet operator in East India with the largest Charging Infrastructure. The company has signed a Memorandum of Understanding (MoU) with the Airport Authority of India where they can start the operations at any Airport across India, making it the only EV Fleet operator to have done so. 

The company has also signed MoUs with the West Bengal government for Technical Training for EV Ecosystem, Port Trust for land acquisition for construction of charging facility. It also secured a contract to operate EV charging and fleets for 5 years for Howrah Railway Station.
 

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Published February 6th, 2024 at 20:17 IST

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