Snap-E Cabs, an electric vehicle (EV) ride-hailing platform, has secured a significant investment of $2.5 million in a Pre-Series A funding round led by Inflection Point Ventures. The funding round aims to support Snap-E Cabs’ ambitious expansion plans, including talent acquisition, technological enhancements, and geographical expansion.
Operating under EC Wheels India Private Limited, a subsidiary of Steelman Telecom Limited, Snap-E Cabs is headquartered in Kolkata and is committed to providing eco-friendly electric transportation services with zero emissions.
Mayank Bindal, Founder and CEO of Snap-E Cabs, and Jaydip Mukherjee, Co-Founder and CBO, bring a wealth of experience to the company. Bindal holds a master’s in finance from Glasgow University, while Mukherjee boasts leadership experience from various tech giants such as Oracle, IBM, and Ericsson.
Rahul Wagh, Managing Director at Inflection Point Ventures, emphasized the global imperative to combat climate change, highlighting the increasing focus on decarbonizing transportation and the favorable policies adopted by the Indian government to promote electric mobility.
Snap-E Cabs is recognized for its innovative approach, offering 100% electric, sustainable, efficient, and affordable mobility solutions. The company’s hybrid B2B and B2C model ensures high efficiency with less than 5% downtime, no cancellations, and no surge pricing.
Currently operating with 600 EVs in Kolkata, Snap-E Cabs plans to expand its fleet and services to additional cities, aiming for significant scale-up in operations by the end of FY 25.
Mayank Bindal emphasized India’s potential to become a key player in the global EV market, citing the country’s ambitious goals and rapidly growing economy.
Snap-E Cabs stands out as the largest fleet operator in East India, boasting the largest charging infrastructure and securing contracts with various government entities and transportation hubs, including AAI and Howrah Railway Station.
The investment from Inflection Point Ventures underscores confidence in Snap-E Cabs’ vision and its pivotal role in driving India towards a sustainable future in electric transportation.
