Snap-E Cabs, an electric vehicle (EV) ride-hailing platform, has successfully raised USD 2.5 million in a Pre-Series A Round, led by Inflection Point Ventures. The funds will be allocated towards talent acquisition, technology upgrades, and expansion into new geographical locations.

Snap-E Cabs aims to become the largest EV fleet operator, providing commuters with a safe and sustainable “0 Emission” transportation solution.

The company has achieved significant growth, reaching 600 cars within one year and boasting an Annual Recurring Revenue (ARR) of 35Cr. Snap-E Cabs operates with a hybrid B2B and B2C model, maintaining less than 5% downtime and ensuring swift vehicle turnaround. The company stands out with features such as no cancellations, no surge pricing, and a fully electric fleet.

Snap-E Cabs has formed notable partnerships, including agreements with the Airport Authority of India (AAI) and the West Bengal government. The company has secured a significant 5-year contract for EV operations at Howrah Railway Station, one of the key railway terminals for Indian Railways.

Inflection Point Ventures (IPV), leading the Pre-Series A Round, has invested over INR 650 Cr across 200+ deals. Rahul Wagh, Managing Director at IPV, emphasizes the global focus on decarbonizing transportation and acknowledges the conducive environment for e-mobility in India.

Mayank Bindal, Founder & CEO of Snap-E Cabs, highlights the growing global trend of electric vehicle adoption and India’s ambitious goal of achieving 30% electrification of the country’s vehicle fleet by 2030. Bindal sees India’s transition to electric vehicles as a significant step toward sustainable development, reducing oil dependency, and positioning the country as a key player in the global EV market.

Currently operating with 600 EVs in Kolkata, Snap-E Cabs plans to expand its fleet by adding 300-400 EVs by the end of FY 24 and extend services to 2-3 more cities in FY 25, adding 1500-2000 EVs.