Snap-E Cabs, the app-based electric vehicle fleet, has unveiled strategic partnerships with Mufin Green Finance, Mahindra & Mahindra Finance, ICICI, and HDFC Finance in a move to bolster its eco-friendly cab fleet in Kolkata.
As part of Snap-E Cabs’ growth strategy for FY ’24, which includes venturing into new markets like Bhubaneswar and Raipur, the company is set to double its fleet size.
Under the collaboration with Mufin Green Finance, Snap-E Cab will add 100 Tata Tigor cars to its fleet on a 5-year lease. These vehicles will serve as cabs in Kolkata, increasing the Snap-E Cab fleet from 400 to 600.
After the 5-year lease period, Snap-E Cab has the option to purchase these vehicles from Mufin Green Finance. Similarly, Mahindra & Mahindra Finance has joined forces with Snap-E Cab to lease 50 Tata Tigor cars for a 3-year term, with the potential for Snap-E Cab to acquire these cars at the end of the lease period.
Furthermore, ICICI and HDFC Finance have collaborated with Snap-E Cab to contribute an additional 50 Tata Tigor cars in total. This alliance will further boost the Snap-E Cab fleet in Kolkata, bringing it to a total of 600 cabs.
Mayank Bindal, Founder & CEO of Snap-E Cab, expressed his enthusiasm for these partnerships, emphasizing their alignment with the company’s vision of offering eco-conscious transportation options to customers while expanding its footprint and enhancing its services.