Snap-E Cabs Raises USD 2.5 M In Pre-Series A Round

Opportunity India Desk
Opportunity India Desk Feb 06 2024 - 3 min read
Snap-E Cabs Raises USD 2.5 M In Pre-Series A Round
Snap-E Cabs has formed significant partnerships with AAI and the WB government, securing a notable 5-year contract for EV operations at Howrah Railway Station.

Snap-E Cabs, an EV Ride-hailing platform has raised USD 2.5 million in a Pre-Series A round led by Inflection Point Ventures. The company plans to allocate funds for talent acquisition to support growth, invest in tech upgrades and the introduction of new tech-enabled services, and expand operations into additional geographies.

Rahul Wagh, Managing Director, Inflection Point Ventures said, “Climate change poses a severe global threat, impacting the entire ecosystem, biodiversity, and public health. The global focus on decarbonizing transportation has intensified, with governments worldwide adopting policies to phase out Internal Combustion Engines (ICE) in favour of zero-emission EVs. Enabling policies both, at a national and state level Indian govt. have made the environment conducive for e mobility in India, helping drive towards its goal of achieving 30 per cent electrification of the country's vehicle fleet by 2030. This shift has given rise to numerous business opportunities and models in the EV sector.”

Snap-E Cabs, a pioneering EV ride hailing platform, is at the forefront of this change, offering 100 per cent electric, sustainable, efficient, affordable, and reliable mobility solutions. With its visionary approach, Snap-E is spearheading India towards a brighter, more sustainable future. Snap-E stands out with high efficiency, utilizing a hybrid B2B and B2C model, maintaining less than 5 per cent downtime, and ensuring swift vehicle turnaround. Key strengths include no cancellations, no surge pricing, and a 100 per cent electric fleet.

Currently operating with 600 EVs in Kolkata, Snap-E plans to expand its fleet by adding 300-400 EVs by the end of FY 24. Looking ahead to FY 25, the company aims to extend services to 2-3 more cities, adding 1500-2000 EVs, signalling significant scale-up in operations.

Mayank Bindal, Founder & CEO, 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.”

Snap-E is the only EV Fleet operator having signed up MoU with AAI (Airport Authority of India) where they can start the operations at any Airport across India. They are one of the fastest growing companies in this sector having reached 600 Cars within 1 Year and an ARR of 35Cr. They have also signed up several other MoU’s with WB govt for Technical Training for EV Ecosystem, Port Trust for land acquisition for construction of charging facility. Snap-E has secured the contract to operate EV Charging and Fleets for 5 years for Howrah Railway Station – one of the most important Railway Terminals for Indian Railways.

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