Snap-E Cabs raises $2.5 mn funding in series A round
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New Delhi: EV ride-hailing platform Snap-E Cabs on Monday said it has raised $2.5 million in a pre-series A round led by Inflection Point Ventures.
Kolkata-based Snap-E Cabs plans to allocate funds for talent acquisition to support growth, invest in tech upgrades and expand operations into additional geographies.
Currently operating with 600 EVs in Kolkata, Snap-E plans to expand its fleet by adding 300-400 EVs by the end of FY24. Looking ahead to FY 25, the company said it aims to extend services to 2-3 more cities, adding 1,500-2.000 EVs.
“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,” said Mayank Bindal, Founder and CEO of Snap-E Cabs.
