In a pre-Series A funding round, EV ride-hailing company Snap-E Cabs raises $2.5M.

Snap-E Cabs, an EV ride-hailing startup, earns $2.5 million in a pre-Series A funding round headed by Inflection Point Ventures.Snap-E Cabs is a ride-hailing platform for electric vehicles that offers 100% electric mobility solutions that are dependable, economical, efficient, and sustainable. The funds generated will go toward hiring more employees to support the company's expansion, making technology upgrades, launching new tech-enabled services, and growing its operations into other regions."In addition to upending the world's oil markets, India's shift to electric vehicles positions the nation—with its 1.4 billion people and quickly expanding economy—as a major player in the global EV market, signifying a significant step toward sustainable development," stated Mayank Bindal, the founder and CEO of Snap-E Cabs.In line with the company's announcement, the funds would be invested in technology upgrades and new tech-enabled services to improve operating capabilities.The firm also wants to extend its services to new regions and increase its geographic reach. According to the announcement, the company places a lot of emphasis on talent acquisition to make sure it has the trained personnel necessary to support its growth and innovation initiatives.Inflection Point Ventures led a Pre-Series A Round that saw USD 2.5 million obtained by Snap-E Cabs, a platform for electric vehicle (EV) ride-hailing.

The money raised will go toward hiring skilled workers, modernizing equipment, and expanding into new areas.The company has experienced significant growth, operating 600 automobiles annually with an Annual Recurring Revenue (ARR) of $35Cr. With a hybrid B2B and B2C approach, Snap-E Cabs guarantees quick vehicle rotation and less than 5% downtime. The company sets itself apart with features like a fleet that is entirely electric, no surge pricing, and no cancellations.Notable alliances that Snap-E Cabs has forged include contracts with the West Bengal government and the Airport Authority of India (AAI). An important 5-year contract for EV operations at Howrah train Station, a major Indian Railways train terminal, has been obtained by the business.Leading the Pre-Series A Round, Inflection Point Ventures (IPV) has invested over INR 650 Cr in more than 200 deals. The managing director of IPV, Rahul Wagh, highlights the importance of decarbonizing transportation on a worldwide scale and notes that India offers a favorable climate for e-mobility.The founder and CEO of Snap-E Cabs, Mayank Bindal, highlights the growing trend of electric car adoption worldwide as well as India's audacious goal of having 30% of its fleet electric by 2030. According to Bindal, India's transition to electric vehicles is an important step toward lessening its reliance on foreign oil, promoting sustainable development, and establishing the nation as a prominent player in the global EV industry.Snap-E Cabs currently operates a fleet of 600 electric vehicles in Kolkata; by the end of FY 24, it hopes to increase that number to 300–400 EVs. Additionally, the company plans to add 1500–2000 more EVs to its fleet and expand its services to two or three more locations in FY 25.