EV Ride-hailing Snap-E Cabs raises $2.5M in pre-Series A round led by Inflection Point Ventures

Snap-E Cabs, an electric vehicle (EV) ride-hailing platform, has raised $2.5 million in a Pre-Series A funding round. The round was led by Inflection Point Ventures, a Gurugram-based angel investment firm. 

Focusing on expansion and tech advancements

As per the company's statement, the raised would be used towards enhancing operational capabilities by investing in technology upgrades and introducing new tech-enabled services.

Additionally, the startup aims to broaden its geographical reach, expanding its services to new areas. Talent acquisition is also a major focus, ensuring the company has the skilled workforce needed to support its growth and innovation efforts, the release notes.

Who are the founders?

Snap-E Cabs was founded by Mayank Bindal and Jaydip Mukherjee. Mayank Bindal, 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.

Providing eco-friendly transport service

Snap-E is a Kolkata-based startup that provides an eco-friendly electric transport service for safe and affordable commuting with zero emissions. 

Mayank Bindal said, "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."

He said 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.

Impact on climate change and mobility

Rahul Wagh, Managing Director of Inflection Point Ventures, said, “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," he said.

Future plans

Snap-E Cabs plans to significantly expand its fleet and operational cities in the coming years. The startup claims to have the largest EV fleet in East India and a robust charging infrastructure. It has also secured strategic partnerships and contracts, including an MoU with the Airport Authority of India.

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