EV Startup Snap-E Cabs Raises USD 2.5MN To Introduce New Tech-enabled Services Pre- Series A funding round was led by Inflection Point Ventures.The startup plans to deploy the fresh proceeds for expansion, invest in technological enhancements, introduce new tech-enabled services and scale up its operational footprint into additional regions.
By Kavya Pillai
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The startup plans to deploy the fresh proceeds for expansion, invest in technological enhancements, introduce new tech-enabled services and scale up its operational footprint into additional regions. Kolkata-based Snap-E Cabs, a subsidiary of Steelman Telecom Limited, was founded in 2022. The platform offers an eco-friendly and affordable commuting service with zero emissions.
Besides, the company claims to provide distinct value propositions such as no-cancellation policies and no-surge fees to passengers. Currently operating with 600 EVs, the company plans to expand its fleet by adding 300-400 EVs by the end of FY24. Looking ahead to FY25, it aims to extend services to 2-3 more cities, adding up to 2,000 EVs. Mayank Bindal, founder and chief executive, Snap-E Cabs, said, "India's transition to electric vehicles not only disrupts global oil markets but also positions the country, with its 1.4 Bn population and rapidly growing economy, as a key player in the global EV market, marking a substantial step toward sustainable development."
Snap-E competes with players like BluSmart, Uber, Ola, and others, making significant strides in the EV ride-hailing space. Positioned in a market dominated by Ola and Uber, Snap-E achieved a gross merchandise value (GMV) of INR 2.45 Cr in September alone, contributing to a total GMV of INR 11 Cr over the past six months. The pricing structure involves a flat fee of INR 150 for journeys up to 5 km, with an additional charge of INR 22.5 per km beyond this initial distance.
Meanwhile, Snap-E aims to deploy 2,000-3,000 more cars in Kolkata in the next 18-24 months. Moving forward, the startup aims to expand to other cities that have less access to ride-hailing platforms.
