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Snap-E Cabs raises $2.5M in pre-series A funding

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.

Snap-E Cabs aims to be the biggest EV fleet operator, offering commuters a safe and eco-friendly “0 Emission” transportation solution.

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.

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