Snap-E Cabs secures USD 2.5M in Pre-Series A led by Inflection Point Ventures

Kolkata-based EV ride-hailing startup Snap-E Cabs has secured USD 2.5 million in a Pre-Series A Round led by Inflection Point Ventures. The raised funds will be utilized for talent acquisition, tech upgrades, and expansion into new geographies.

As per the official statement, Snap-E functions as a fleet operator in East India with the largest Charging Infrastructure. They have signed a Memorandum of Understanding (MoU) with AAI (Airport Authority of India), allowing them to initiate operations at any airport across the country. The company achieved growth, reaching 600 cars within a year and securing an Annual Recurring Revenue (ARR) of INR 35 Crore. Snap-E has also entered into MoUs with the West Bengal government for Technical Training in the EV Ecosystem and with Port Trust for land acquisition to build charging facilities. It has a secured 5-year contract to operate EV Charging and Fleets at Howrah Railway Station, a crucial terminal for Indian Railways.

Snap-E Cabs utilizes a hybrid B2B and B2C model with less than 5% downtime, and its features include no cancellations, no surge pricing, and a fully electric fleet, as claimed by the source statement. Currently, with 600 EVs in Kolkata, Snap-E plans to expand by adding 300-400 EVs by the end of FY 24 and aims to extend services to 2-3 more cities in FY 25, indicating a substantial scale-up in operations. The company aims to offer a sustainable “0 Emission” transportation solution and functions as a brand under EC Wheels India Private Limited, a subsidiary of Steelman Telecom Limited, headquartered in Kolkata.

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.”

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.”

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