EV Ride-hailing Snap-E Cabs raises USD 2.5 million in Pre-Series A Round led by Inflection Point Ventures

Snap-E Cabs, an electric vehicle (EV) ride-hailing platform, has successfully raised USD 2.5 million in a Pre-Series A Round led by Inflection Point Ventures. The funding will be strategically allocated to talent acquisition, supporting growth initiatives, investing in technological upgrades, introducing new tech-enabled services, and expanding operations into additional geographical locations.

With a commitment to becoming the largest EV fleet operator, Snap-E offers an eco-friendly electric transport service for safe and affordable commuting with zero emissions. As a subsidiary of Steelman Telecom Limited, under EC Wheels India Private Limited, Snap-E Cabs is headquartered in Kolkata, emphasizing reliable and sustainable transportation.

Mayank Bindal, the Founder and CEO of Snap-E Cabs, holds a master’s in finance from Glasgow University. Co-founder and CBO Jaydip Mukherjee bring extensive leadership experience from roles at Oracle, IBM, Ericsson, Huawei, and Worley, holding an Executive MBA from IIM Bangalore. Together, they lead Snap-E Cabs with a vision to make sustainable and reliable electric transportation accessible to all.

Inflection Point Ventures, led by Managing Director Rahul Wagh, expressed that Snap-E Cabs is contributing to the global focus on decarbonizing transportation. The company stands out with its high efficiency, utilizing a hybrid B2B and B2C model, maintaining less than 5% downtime, and ensuring swift vehicle turnaround. Key strengths include no cancellations, no surge pricing, and a 100% 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. In FY 25, the company aims to extend services to 2-3 more cities, adding 1500-2000 EVs, signaling significant scale-up in operations.

Mayank Bindal highlighted the global impact of increasing EV sales and India's ambitious goal to have EVs represent 30% of road traffic by 2028. Snap-E's rapid growth and commitment to sustainability position it as a key player in the global EV market, contributing to India's transition to electric vehicles.

Snap-E is the largest fleet operator in East India, boasting the largest Charging Infra. It has signed an MoU with the Airport Authority of India and secured contracts for EV Charging and Fleets for Howrah Railway Station for five years, marking significant milestones in the EV sector.