Snap-E Cabs, an electric vehicle (EV) ride-hailing platform, has successfully raised USD 2.5 million in a Pre-Series A funding round led by Inflection Point Ventures. This investment marks a significant milestone for Snap-E Cabs as it prepares to accelerate its growth trajectory and expand its footprint in the EV transportation sector.
Investment Allocation and Expansion Plans
The funding will primarily be allocated towards talent acquisition to support Snap-E’s rapid growth, invest in technological upgrades, introduce new tech-enabled services, and facilitate expansion into additional geographical locations. Snap-E Cabs is poised to leverage this investment to enhance its operational efficiency, innovate its service offerings, and solidify its position as a leader in eco-friendly transportation solutions.
Vision for Sustainable Mobility
Snap-E Cabs is committed to providing eco-friendly electric transport services that offer safe, reliable, and affordable commuting options with zero emissions. As a subsidiary of Steelman Telecom Limited, Snap-E Cabs is dedicated to promoting sustainable and reliable transportation solutions, aligning with the global push towards decarbonizing transportation and reducing the environmental impact of traditional vehicles.
Leadership and Expertise
Founded by Mayank Bindal, who holds a master’s degree in finance from Glasgow University, and Jaydip Mukherjee, the Co-Founder and Chief Business Officer (CBO) with extensive leadership experience in top-tier multinational companies, Snap-E Cabs is guided by visionary leaders with a passion for sustainable mobility. Their combined expertise and commitment drive Snap-E Cabs’ mission to make electric transportation accessible to all.
Supporting India’s EV Revolution
Rahul Wagh, Managing Director of 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 govt. have made the environment conducive for e mobility in India, helping drive towards its goal of achieving 30 per cent electrification of the country’s vehicle fleet by 2030. This shift has given rise to numerous business opportunities and models in the EV sector.”
Expansion Plans and Future Outlook
Currently operating with 600 EVs in Kolkata, Snap-E Cabs plans to expand its fleet by adding 300-400 EVs by the end of the fiscal year 2024. Looking ahead to fiscal year 2025, the company aims to extend its services to 2-3 more cities, adding 1500-2000 EVs, signaling a significant scale-up in operations and further solidifying its position as a leading EV fleet operator in India.
Mayank Bindal’s Vision
Mayank Bindal, Founder & CEO of Snap-E Cabs, highlights “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.”
Industry Recognition and Milestones
Snap-E Cabs has emerged as the largest fleet operator in East India, boasting the largest charging infrastructure and the fastest-growing presence in the EV sector. The company’s achievements include signing MoUs with various government entities, securing contracts for EV charging and fleet operations, and reaching significant milestones within a short span of time, further solidifying its position as a key player in the EV transportation ecosystem.
Also read – RAEGR MagFix M1 Power Bank: Prolonging Your Mobile Connectivity
Join our WhatsApp News Channel for quick updates – FYI9 News WhatsApp Channel
