Snap-E Cabs intends to use the funding for hiring to fuel growth, upgrade technology, launch new tech-driven services, and expand its reach to additional regions, according to the company.
Snap-E Cabs, an electric vehicle (EV) ride-hailing platform, recently announced a successful fundraising effort of USD 2.5 million during its Pre-Series A round, led by Inflection Point Ventures. This financial boost will be strategically invested in attracting new talent to foster the company’s growth, advance technological capabilities, roll out innovative tech-enabled services, and broaden its operational footprint across new regions, as stated by the company.
Committed to becoming the top EV fleet operator, Snap-E Cabs aims to redefine urban mobility with its environmentally friendly, safe, and cost-effective electric transportation solutions, emphasizing zero emissions. Operating under EC Wheels India Private Limited, which is a part of Steelman Telecom Limited, Snap-E Cabs is based in Kolkata. The company pledges to offer dependable and sustainable transportation solutions, as mentioned in a media statement. Currently managing a fleet of 600 EVs in Kolkata, Snap-E Cabs is gearing up to enhance its fleet by incorporating an additional 300-400 EVs by the conclusion of FY 24. Looking forward to FY 25, plans are underway to launch operations in 2-3 new cities and to boost the fleet size by 1500-2000 EVs, marking a significant expansion in their operations, as indicated in the announcement.
Rahul Wagh, Managing Director at Inflection Point Ventures, highlighted the critical challenge climate change presents globally, affecting ecosystems, biodiversity, and public health. He noted the increasing global emphasis on decarbonizing transportation, with various governments worldwide implementing policies to phase out Internal Combustion Engines (ICE) in favour of zero-emission electric vehicles (EVs). These supportive policies at both national and state levels in India have created a favourable environment for e-mobility, contributing to the nation’s goal of achieving 30% electrification of its vehicle fleet by 2030. This transition is spawning numerous business opportunities and models within the EV sector.
By adopting a hybrid B2B and B2C model, Snap-E Cabs boasts less than 5% downtime, ensuring rapid vehicle turnaround times. The company’s core strengths include a no-cancellation policy, the absence of surge pricing, and a commitment to maintaining a fully electric fleet, as per the media release.
Additionally, Snap-E Cabs has established itself as the largest fleet operator in East India, boasting the region’s most extensive Charging Infrastructure. The company has also entered into a Memorandum of Understanding (MoU) with the Airport Authority of India, granting it the flexibility to initiate operations at any airport across the country, further underscoring its expansive growth strategy and commitment to sustainable mobility solutions.