EV ride-hailing platform Snap-E Cabs secured $2.5 M Pre-series A funding

Snap-E Cabs, an Indian ride-hailing platform that focuses on electric vehicles, raised US $2.5 million in a pre-series A round led by Inflection Point Ventures, just one month after BluSmart Mobility raised US $24 million.

Snap-E is a “eco-friendly electric transport service with zero emissions,” founded in 2022 by Mayank Bindal and Jaydip Mukherjee. At the end of this fiscal year, Snap-E hopes to have added 300–400 additional electric vehicles to its current fleet of 600 in Kolkata, an eastern city of India.

By the end of the next fiscal year, it also hopes to add up to 2,000 more EVs and expand services to three more cities.

The Indian government’s goal of having 30% of all cars sold be electric vehicles by 2030 will be aided by this expansion plan. This provides early-movers in the ride-hailing space, such as Snap-E and BluSmart, with an opportunity to fortify their position.

According to Rahul Wagh, managing director of Inflection Point Ventures, state and federal government policies “have made the environment conducive for e-mobility in India”.

Snap-E will employ talent and introduce new services with the additional funding in addition to growing.