Kolkata-based Snap-E Cabs, an electric vehicle ride-hailing platform has raised $2.5 million (Rs 20 crore) in a Pre-Series A Round led by Inflection Point Ventures. The funding is aimed to be used for talent acquisition to support growth, invest in tech upgrades and the introduction of new tech-enabled services, and expand operations into additional geographies.
Snap-E utilises 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. It currently operates 600 EVs in Kolkata, and plans to expand its fleet by adding 300-400 EVs by the end-FY2024. Looking ahead to FY2025, the company aims to extend services to 2-3 more cities, adding 1,500-2,000 EVs, signalling significant scale-up in operations.
The company was founded by Mayank Bindal (Founder and CEO) who holds a master’s in finance from Glasgow University. Jaydip Mukherjee, the Co-Founder and CBO, brings extensive leadership experience from roles at Oracle, IBM, Ericsson, Huawei, and Worley, holding an Executive MBA from IIM Bangalore.
Rahul Wagh, MD, Inflection Point Ventures said, “Climate change poses a severe global threat, impacting the entire ecosystem, biodiversity, and public health. The global focus on decarbonizing transportation has intensified, with governments worldwide adopting policies to phase out Internal Combustion Engines (ICE) in favour of zero-emission EVs. Enabling policies both, at a national and state level Indian government have 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.”
Mayank Bindal said, “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.”
At present, Snap-E Cabs claims it is the biggest fleet operator in East India having the largest Charging Infra. It is the only EV fleet operator having signed up MoU with AAI (Airport Authority of India) where they can start the operations at any Airport across India. They are one of the fastest growing companies in this sector having reached 600 cars within a year and an ARR of Rs 35 crore. They have also signed up several other MoU’s with WB govt for Technical Training for EV Ecosystem, Port Trust for land acquisition for construction of charging facility. Snap-E has secured the contract to operate EV Charging and Fleets for 5 years for Howrah Railway Station – one of the most important Railway Terminals for Indian Railways.
