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 technological upgrades and expand operations to additional geographies.
Snap-e, currently operating with 600 EVs in Kolkata, plans to expand its fleet by adding 300-400 EVs by the end of FY24.
Looking at FY25, the company said it aims to expand services to 2-3 more cities by adding 1,500-2,000 EVs.
Mayank Bindal, founder and CEO of Snap-e Cabs, said India’s transition to electric vehicles not only disrupts global oil markets, but also positions the country, with a population of 1.4 billion and a fast-growing economy, as a major player in the global EV market. Which is an important step towards sustainable development.
The EV fleet operator has recently signed an MoU with the Airport Authority of India (AAI), where they can start operations at any airport across the country.
Rahul Wagh, Managing Director, Inflection Point Ventures, said, “As the global focus on decarbonizing transportation has intensified, governments around the world are adopting policies to phase out internal combustion engines (ICEs) in favor of zero-emission EVs . “By adopting enabling policies at both the national and state levels, the Government of India has created an enabling environment for e-mobility.”
Inflection Point Ventures (IPV) has so far invested over Rs 650 crore in over 200 deals.
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