Snap-E Cabs has successfully secured USD 2.5 million in a Pre-Series A funding round led by Inflection Point Ventures (IPV). Snap-E Cabs, a brand under EC Wheels India Private Limited, a subsidiary of Steelman Telecom Limited, has quickly established itself as one of the fastest-growing companies in the EV sector. The company's vision revolves around becoming the largest EV fleet operator, providing commuters with safe, sustainable, and emission-free transportation options.
Mayank Bindal, the Founder and CEO of Snap-E Cabs, along with Co-Founder and CBO Jaydip Mukherjee, brings a wealth of experience to the company. Bindal's finance background and Mukherjee's leadership roles in renowned companies like Oracle, IBM, Ericsson, Huawei, and Worley contribute to Snap-E's mission of making reliable electric transportation accessible to all.
The funding round, spearheaded by IPV, aligns with Snap-E's strategic goals of expanding its footprint and offering eco-friendly mobility solutions. IPV, a prominent player in the investment landscape, has already invested over INR 650 Cr across 200+ deals.
Rahul Wagh, Managing Director at Inflection Point Ventures, emphasised the increasing global focus on decarbonising transportation. He acknowledged the conducive environment for e-mobility in India, driven by government policies aiming for 30% electrification of the country's vehicle fleet by 2030.
Snap-E Cabs distinguishes itself with a hybrid B2B and B2C model, maintaining less than 5% downtime and ensuring swift vehicle turnaround. The company stands out for its commitment to efficiency, with no cancellations, no surge pricing, and a fully electric fleet.
Currently operating with 600 EVs in Kolkata, Snap-E plans to scale 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, signalling a significant scale-up in operations.
Mayank Bindal, Founder & CEO of Snap-E Cabs, sees the global surge in EV sales and India's commitment to having EVs represent 30% of road traffic by 2028 as a pivotal move toward sustainable development. Snap-E is positioned as a major player in East India, boasting the largest Charging Infrastructure and having signed key Memoranda of Understanding (MoUs) with organisations like the Airport Authority of India (AAI) and the West Bengal government.
One of the significant achievements for Snap-E is securing a 5-year contract for EV operations at Howrah Railway Station, a critical railway terminal for Indian Railways. The company's strategic partnerships with AAI and the West Bengal government underscore its commitment to driving the EV revolution in India.
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