EV Ride-Hailing Service Snap-E Cabs Raises $2.5 Million Funding

Kolkata-based electric vehicle ride-hailing platform, Snap-E Cabs, has announced raising $2.5 Million in funding in a Pre-Series A Round led by Inflection Point Ventures. Snap-E Cabs is a brand under EC Wheels India Private Limited, a subsidiary of Steelman Telecom Limited. The company says the newly raised funds will be allocated towards talent acquisition to support growth. It will also include investing in tech upgrades and introduction of new tech-enabled services and expanding operations into additional geographies.

Mayank Bindal, Founder & CEO, Snap-E Cabs, says, “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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Snap-E calls itself the biggest EV fleet operator in East India with a wide network of charging infrastructure. Currently, it operates with 600 EVs in Kolkata and wants to expand its fleet by adding 300-400 EVs by the end of FY24. However, the larger goal is to extend services to 2-3 more cities, adding 1500-2000 EVs, a significant scale-up in operations.

Rahul Wagh, Managing Director, Inflection Point Ventures, says, “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. has 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.”

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Right now, Snap-E is the only EV Fleet operator having signed up MoU with AAI (Airport Authority of India) where they can start operations at any Airport across India. The company has also signed several other MoUs with the West Bengal government for Technical Training for the EV Ecosystem and, Port Trust for land acquisition for construction of charging facility. Snap-E has secured the contract to operate EV Charging and Fleets for 5 years for Howrah Railway Station – one of the most important Railway Terminals for Indian Railways.