Snap-E Cabs, an EV ride-hailing platform based in Kolkata, has successfully raised USD 2.5 million in a Pre-Series A round of funding.
The investment was led by Inflection Point Ventures, signaling confidence in Snap-E’s mission to revolutionize transportation with eco-friendly electric vehicles (EVs).
The funding will be strategically allocated towards several key areas to fuel Snap-E’s growth trajectory. A significant portion will be earmarked for talent acquisition, aimed at bolstering the team to support the company’s expansion plans.
Additionally, investments in technological upgrades and the introduction of new tech-enabled services are on the agenda to enhance the user experience and stay ahead of the curve in a competitive market. Furthermore, the company intends to use part of the funds to expand its operations into new geographical regions, thereby widening its reach and impact.
Founded by Mayank Bindal, a finance graduate from Glasgow University, and co-founded by Jaydip Mukherjee, whose background includes leadership roles at tech giants like Oracle and IBM, Snap-E Cabs is driven by a vision to make sustainable and reliable electric transportation accessible to all.
Leveraging their combined expertise in finance, technology, and industry, the leadership team is poised to steer Snap-E towards becoming the largest EV fleet operator.
Snap-E Cabs has already made significant strides in the EV transportation sector. As the largest fleet operator in East India, boasting the region’s largest charging infrastructure, Snap-E has positioned itself as a key player in the market.
Notably, the company has inked strategic partnerships, including a memorandum of understanding (MoU) with the Airport Authority of India, granting it the ability to commence operations at any airport across the country.
Mayank Bindal, Founder & CEO, of Snap-E Cabs, says,
“Global EV sales doubled to 16.5 million units in 2021, and India’s ambitious goal to have EVs represent 30% 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.”
With a rapidly expanding fleet of 600 cars within just one year and an impressive annual recurring revenue (ARR) of 35 crore, Snap-E’s growth trajectory is undeniable. Furthermore, strategic collaborations with government entities, such as the West Bengal government and port authorities, underscore the company’s commitment to advancing the EV ecosystem.
Snap-E’s recent contract win to operate EV charging facilities and fleets at Howrah Railway Station, one of India’s crucial railway terminals, further solidifies its position as a frontrunner in the EV transportation space.
As Snap-E Cabs continues to scale its operations and innovate in the EV sector, its impact on sustainable mobility is set to reverberate across India and beyond.