Date: February 06, 2024. — Snap-E Cabs, an electric vehicle (EV) ride-hailing platform based in Kolkata, has raised $2.5 million in a pre-series A round led by Inflection Point Ventures (IPV), a network of angel investors. The startup plans to use the fresh funds to hire talent, upgrade technology, launch new services, and expand to new cities. By the fiscal year 2024-25, the business hopes to have 1,500-2,000 EVs operating in five cities. It plans to add 300-400 EVs and enter two-three new cities before the end of the current fiscal year. The business also intends to introduce additional services such as EV rentals, charging stations, and vehicle maintenance.
Snap-E Cabs operates a fleet of 600 EVs in Kolkata, offering affordable and eco-friendly rides to customers. Moreover, the startup claims to have completed over 1.5 million rides. It also asserts to have saved over 1,000 tonnes of carbon emissions since its inception.
“India’s ambitious EV goals can significantly impact global oil markets and transition to sustainable development. We are excited to partner with IPV, who share our vision of making EVs accessible and affordable for everyone,” said Bindal, co-founder and CEO of Snap-E Cabs.
According to Rahul Wagh, the Managing Director of IPV, addressing the critical issue of climate change requires prioritizing electric vehicles (EVs) to decarbonize transportation. Snap-E Cabs boasts a formidable team, a scalable business model, and a commendable social impact. Moreover, this investment perfectly aligns with India’s ambitious target of achieving a 30 per cent electric vehicle penetration by 2030.
Snap-E Cabs is one of India’s few firms focused on the EV ride-hailing market. This market is predicted to expand quickly in the next years. According to Avendus Capital, India’s EV ride-hailing business might grow to $500 million by 2025 and $2 billion by 2030.