Snap-E Cabs, a platform for electric vehicle (EV) ride-hailing, secured USD 2.5 million in a Pre-Series A Round led by Inflection Point Ventures. The raised funds will be used to recruit talent, upgrade technology, and expand to new geographical locations.
Experiencing notable expansion, the company now operates 600 cars within a year and holds an Annual Recurring Revenue (ARR) of 35Cr. Snap-E Cabs employs a hybrid B2B and B2C model, maintaining less than 5% downtime and ensuring rapid vehicle turnover. The company distinguishes itself with features like no cancellations, no surge pricing, and a fully electric fleet.
Snap-E Cabs has established significant partnerships, including agreements with the Airport Authority of India (AAI) and the West Bengal government. The company has secured a substantial 5-year contract for EV operations at Howrah Railway Station, a key railway terminal for Indian Railways.
Inflection Point Ventures (IPV), leading the Pre-Series A Round, has invested over INR 650 Cr across 200+ deals. Rahul Wagh, Managing Director at IPV, emphasizes the global focus on decarbonizing transportation and acknowledges the conducive environment for e-mobility in India.
Mayank Bindal, Founder & CEO of Snap-E Cabs, emphasizes the increasing global adoption of electric vehicles and India’s ambitious target of electrifying 30% of the nation’s vehicle fleet by 2030. Bindal views India’s shift to electric vehicles as a crucial move toward sustainable development, reducing dependency on oil, and positioning the country as a major player in the global EV market.
With a current fleet of 600 EVs operating in Kolkata, Snap-E Cabs plans to expand its fleet by adding 300-400 EVs by the end of FY 24. Furthermore, in FY 25, the company aims to extend its services to 2-3 additional cities, introducing 1500-2000 more EVs into its fleet.