Snap-E Cabs raises USD 2.5 million in Pre-Series A funding led by Inflection Point Ventures

The company plans to invest in tech upgrades and the introduction of new tech-enabled services, and expand operations into additional geographies. 

Autocar Pro News Desk By Autocar Pro News Desk calendar 05 Feb 2024 Views icon1913 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Mayank Bindal, Co-founder and CEO,  Snap-E Cabs

Snap-E Cabs, a Kolkata-based 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, “Enabling policies both, at a national and state level Indian government has made the environment conducive for e-mobility in India, helping drive towards its goal of achieving 30 percent electrification of the country's vehicle fleet by 2030. This shift has given rise to numerous business opportunities and models in the EV sector.”

The company which claims to maintain less than 5% downtime, currently operates with 600 electric vehicles in Kolkata and aims to add 300-400 EVs by the end of FY24. 

The company wants to extend services to 2-3 additional cities, adding 1500-2000 EVs in FY25, as per the press release. 

 

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