 "Snap-E Cabs raises $2.5 million, plans to add 300-400 EVs by FY24")
Electric vehicle ride-hailing platform Snap-E Cabs on Monday said it has secured $2.5 million in a pre-series A round led by Inflection Point Ventures (IPV).
The fresh funds will fuel talent acquisition, technology upgrades, new services and geographical expansion, officials said.
It will enable Snap-E Cabs to add 300-400 EVs and expand to two-three new cities by the end of the current fiscal year, they said.
Kolkata-based Snap-E Cabs, which was founded in 2022 by Mayank Bindal and Jaydip Mukherjee, aims to operate 1,500-2,000 EVs across five cities by the 2024-25 fiscal.
At present, it operates 600 EVs in Kolkata.
"India's ambitious EV goals can significantly impact global oil markets... and transition to sustainable development," Bindal said.
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Rahul Wagh, Managing Director of IPV, said: "Climate change is a global threat... and EVs are crucial for decarbonising transportation.
This investment aligns with India's goal of 30 per cent electric vehicle penetration by 2030, he said.