Electric vehicle

Snap-E Cabs Secures $2.5 Million in Pre-Series A Round Led by Inflection Point Ventures

• ByStartupStory     |    February 5, 2024

Kolkata-based Snap-E Cabs, a leading EV ride-hailing platform, has successfully raised $2.5 million in a Pre-Series A funding round led by Inflection Point Ventures. The funding is set to fuel Snap-E’s mission of becoming the largest EV fleet operator, with strategic allocations for talent acquisition, technological upgrades, and expansion into new geographies.

Headquartered in Kolkata and operating under EC Wheels India Private Limited, a subsidiary of Steelman Telecom Limited, Snap-E Cabs is committed to providing eco-friendly electric transport services, promoting safe and affordable commuting with zero emissions.

Mayank Bindal, Founder and CEO of Snap-E Cabs, expressed the company’s vision, saying, “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.”

Jaydip Mukherjee, Co-Founder and CBO, brings extensive leadership experience from Oracle, IBM, Ericsson, Huawei, and Worley, holding an Executive MBA from IIM Bangalore. Together, Bindal and Mukherjee drive Snap-E Cabs with a visionary approach, combining financial acumen and diverse industry expertise.

Rahul Wagh, Managing Director at Inflection Point Ventures, emphasized the global shift towards decarbonizing transportation and the conducive environment for e-mobility in India. He stated, “Snap-E Cabs is at the forefront of this change, offering 100% electric, sustainable, efficient, affordable, and reliable mobility solutions.”

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. Looking ahead to FY 25, the company aims to extend services to 2-3 more cities, adding 1500-2000 EVs, signaling a significant scale-up in operations.

Snap-E Cabs stands out in the market with 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.

In addition to being the biggest fleet operator in East India, Snap-E boasts the largest Charging Infrastructure. It is the only EV fleet operator having signed an MoU with the Airport Authority of India, allowing them to commence operations at any airport across the country.

Snap-E has secured contracts, including a 5-year deal to operate EV Charging and Fleets for Howrah Railway Station, one of the most crucial terminals for Indian Railways. The company has also signed MoUs with the West Bengal government for technical training in the EV ecosystem and the Port Trust for land acquisition for the construction of charging facilities.

Mayank Bindal concluded, “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.”

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