Snap-E Cabs, an electric vehicle ride-hailing platform, has secured $2.5 million in a pre-Series A round with participation from Inflection Point Ventures. The funds will be utilised for talent acquisition, fostering growth, technological enhancements, introduction of new tech-enabled services, and expansion of operations into additional geographical areas.

In a release, Rahul Wagh, Managing Director, Inflection Point Ventures, said, “Enabling policies both at a national and State level, the Indian government has 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.”

Mayank Bindal, Founder & CEO, Snap-E Cabs, said, “Global EV sales doubled to 16.5 million units in 2021, and India’s ambitious goal to have EVs represent 30 per cent 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. 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.”

Snap-E Cabs, an EV ride hailing platform, offers electric mobility solutions. Currently operating with 600 EVs in Kolkata, Snap-E plans to expand its fleet by adding 300-400 EVs by the end of FY24. In FY25, the company aims to extend services to a couple of more cities, adding over 1,500 EVs, signalling a significant scale-up in operations, as per the company statement.