Thursday, February 22, 2024

Technology

EV ride-hailing platform Snap-E Cabs raises $2.5 mn led by Inflection Point Ventures

IANS | February 05, 2024 11:20 AM

NEW DELHI: EV ride-hailing platform Snap-E Cabs on Monday said it has raised $2.5 million in a pre-series A round led by Inflection Point Ventures.

Kolkata-based Snap-E Cabs plans to allocate funds for talent acquisition to support growth, invest in tech upgrades and expand operations into additional geographies.

Currently operating with 600 EVs inKolkata, Snap-E plans to expand its fleet by adding 300-400 EVs by the end of FY24.

Looking ahead to FY 25, the company said it aims to extend services to 2-3 more cities, adding 1, 500-2.000 EVs.

“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, ” said Mayank Bindal, Founder and CEO of Snap-E Cabs.

The EV fleet operator recently signed up MoU with the Airport Authority of India (AAI) where they can start the operations at any airport across the country.

“The global focus on decarbonising 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, the Indian government has made the environment conducive for e-mobility, ” said Rahul Wagh, Managing Director, Inflection Point Ventures.

Inflection Point Ventures (IPV) has so far invested over Rs 650 crore across more than 200 deals.

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