Monday, February 26, 2024
HomeInsightFunding Alert EV Startup Snap-E Cabs Raises USD 2.5 Mn Pre-Series A Round...

[Funding alert] EV Startup Snap-E Cabs Raises USD 2.5 Mn Pre-Series A Round led by Inflection Point Ventures

Jaydip Mukherjee, Co-Founder & CBO and Mayank Bindal, Founder & CEO of Snap-E-Cabs

Snap-E Cabs, an EV Ride-hailing platform raises USD 2.5 million in a Pre-Series A Round led by Inflection Point Ventures. Snap-E Cabs plans to allocate funds for talent acquisition to support growth, invest in tech upgrades and the introduction of new tech-enabled services, and expand operations into additional geographies.

On a mission to become the largest EV fleet operator, Snap-E 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.

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Mayank Bindal, the Founder and CEO of Snap-E Cabs, holds a master’s in finance from Glasgow University. Meanwhile, Jaydip Mukherjee, the Co-Founder and CBO, brings extensive leadership experience from roles at Oracle, IBM, Ericsson, Huawei, and Worley, holding an Executive MBA from IIM Bangalore. Together, they drive Snap-E Cabs’ mission as visionary leaders, combining financial acumen and diverse industry expertise to make sustainable and reliable electric transportation accessible to all.

Rahul Wagh, Managing Director, Inflection Point Ventures, says, “Climate change poses a severe global threat, impacting the entire ecosystem, biodiversity, and public health. 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. have 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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Snap-E Cabs, a pioneering EV ride hailing platform, is at the forefront of this change, offering 100% electric, sustainable, efficient, affordable, and reliable mobility solutions. With its visionary approach, Snap-E is spearheading India towards a brighter, more sustainable future”. Snap-E stands out with high efficiency, utilizing a hybrid B2B and B2C model, maintaining less than 5% downtime, and ensuring swift vehicle turnaround. Key strengths include no cancellations, no surge pricing, and a 100% electric fleet.

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.

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Mayank Bindal, Founder & CEO, Snap-E Cabs, says, “Global EV sales doubled to 16.5 million units in 2021, and India’s ambitious goal to have EVs represent 30% 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.”

About Snap-E Cabs

Snap-E Cabs has the vision to become the largest EV Fleet operator in the mobility space. With that in mind, they started the company in the Year 2022. The 2 founders, Mayank and Jaydip have onboarded this journey together on a mission to provide a sustainable solution to all our commuters where there is “0 Emission” while they safely commute from point A to point B.

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About Inflection Point Ventures & Physis Capital

Inflection Point Ventures (IPV) is an angel investing platform with over 9600 CXOs, HNIs, and Professionals to together invest in startups. The firm supports new-age entrepreneurs by providing them with monetary & experiential capital and connecting them with a diverse group of investors. IPV has announced the launch of a $50 million CAT 2 AIF, Physis Capital, to invest in pre-Series A to Series B growth-stage start-ups.

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