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Kolkata-Based Snap-E Cabs Raises $2.5 Million in Pre-Series A Round Led By IPV

The company provides an eco-friendly electric transport service for safe and affordable commuting with zero emissions.

Kolkata-Based Snap-E Cabs Raises $2.5 Million in Pre-Series A Round Led By IPV
POSTED ON February 05, 2024 1:05 PM

Kolkata-based EV ride-hailing start-up Snap-E Cabs raised $2.5 million in a Pre-Series A Round led by Inflection Point Ventures.  

The company said in a press statement that it will allocate fresh funding for talent acquisition to support growth and will invest in tech upgrades. It will devote the capital infusion to introduce new tech-enabled services and expand operations into additional geographies.  

The company 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, committed to reliable and sustainable transportation. 

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, signalling significant scale-up in operations, the company said. 

Mayank Bindal, founder and CEO of Snap-E Cabs, said, “Global EV sales doubled to 16.5 million units in 2021, and India's ambitious goal to have EVs represent 30 per cent 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.” 

The only EV Fleet operator having signed up a MoU with AAI (Airport Authority of India), the company is one of the fastest growing companies in this sector with an ARR of 35 crore.  

The company achieved a gross merchandise value (GMV) of Rs 2.45 crore in September alone last year. Over the past six months, the total GMV has amounted to Rs 11 crore, as per the latest available information.  

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