EV Ride-hailing Snap-E Cabs raises USD 2.5 million in Pre-Series A Round

Kolkata based Snap-E Cabs, an EV Ride-hailing platform has raised USD 2.5 million in a Pre-Series A Round led by Inflection Point Ventures. Snap-E Cabs plans to allocate funds 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 provides an eco-friendly electric transport service for safe and affordable commuting with zero emissions. As a brand under EC Wheels India Private Limited, a subsidiary of Steelman Telecom Limited, Snap-E Cabs is headquartered in Kolkata.

Mayank Bindal, the Founder and CEO of Snap-E Cabs, holds a master’s in finance from Glasgow University. Meanwhile, 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, Managing Director, Inflection Point Ventures, says, “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.”

Snap-E claims it utilizes 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.

Currently operating with 600 EVs in Kolkata, Snap-E plans to expand its fleet by adding 300-400 EVs by the end of FY 24. Looking ahead to FY 25, the company aims to extend services to 2-3 more cities, adding 1500-2000 EVs, signaling significant scale-up in operations.

Mayank Bindal, Founder & CEO, Snap-E Cabs, says, “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.”

Snap-E is the biggest fleet operator in East India having the largest Charging Infra. They are 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. With an ARR of 35Cr, 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 in East India.