Snap-E Cabs, an electric vehicle (EV) ride-hailing platform, secures $2.5 million in Pre-Series A funding, led by Inflection Point Ventures. The company intends to use the funds to recruit skilled personnel for supporting expansion, upgrade technology infrastructure, introduce new tech-enabled services, and broaden operational reach into new regions. Snap-E offers a sustainable electric transportation service that ensures safe and cost-effective commuting while maintaining zero-emissions.
Presently, Snap-E operates a fleet of 600 EVs in Kolkata and has plans to increase the fleet size by incorporating an additional 300-400 EVs by the conclusion of the fiscal year 2024. By 2025, the company is set to broaden its services to 2-3 additional cities, introducing 1,500-2,000 EVs, indicating a substantial expansion in operational scale. They stand as the exclusive EV fleet operator with a MoU in place with the Airport Authority of India, allowing them to initiate operations at any airport throughout India. It has rapidly expanded to 600 cars within one year, achieving an annual recurring revenue of Rs 350 million. Additionally, it has entered into MoUs with the West Bengal government for technical training in the EV ecosystem and with the Port Trust for land acquisition to construct charging facilities. The company has secured a five-year contract to manage EV charging and fleets at Howrah railway station.
