Snap-E Cabs, a platform for electric vehicle ride-hailing, shared exciting news on Monday about securing $2.5 million in funding through a pre-series A round led by Inflection Point Ventures (IPV). Company representatives explained that these funds will be used to bring in new talent, upgrade our technology, introduce fresh services, and expand into new areas.
This financial boost will allow Snap-E Cabs to grow its fleet by adding 300-400 electric vehicles (EVs) and entering two-three more cities by the end of this fiscal year. Established in 2022 in Kolkata by MAYANK BINDAL and Jaydip Mukherjee, Snap-E Cabs plans to scale up to operating between 1,500 to 2,000 EVs across five cities by the 2024-25 fiscal year, building on our current base of 600 EVs in Kolkata.
MAYANK BINDAL emphasized that India’s ambitious goals for electric vehicles could make a substantial impact on global oil markets and support sustainable development efforts. Rahul Wagh, Managing Director of IPV, underscored the critical role of EVs in addressing climate change, noting that this investment aligns with India’s target of achieving a 30% adoption of electric vehicles by 2030.
