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.
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
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.