SnapE Cabs Raises $2.5 Mn In Pre-Series A Round Led By IPV
The company plans to allocate funds for talent acquisition, invest in tech upgrades and to introduce new tech-enabled services
Snap-E Cabs, an EV Ride-hailing platform raises USD 2.5 million in a Pre-Series A Round led by Inflection Point Ventures.
Snap-E Cabs plans to allocate funds for talent acquisition to support growth, invest in tech upgrades and the introduction of new tech-enabled services, and expand operations into additional geographies.
On a mission to become the largest EV fleet operator, Snap-E provides an eco-friendly electric transport service for safe and affordable commuting with zero emissions. As a brand under EC Wheels India Private Limited, a subsidiary of Steelman Telecom Limited, Snap-E Cabs is headquartered in Kolkata, committed to reliable and sustainable transportation.
Mayank Bindal, the Founder and CEO of Snap-E Cabs, holds a master’s in finance from Glasgow University. Meanwhile, Jaydip Mukherjee, the Co-Founder and CBO, brings extensive leadership experience from roles at Oracle, IBM, Ericsson, Huawei, and Worley, holding an Executive MBA from IIM Bangalore. Together, they drive Snap-E Cabs' mission as visionary leaders, combining financial acumen and diverse industry expertise to make sustainable and reliable electric transportation accessible to all. Rahul Wagh, Managing Director, Inflection Point Ventures, says, “Climate change poses a severe global threat, impacting the entire ecosystem, biodiversity, and public health. The global focus on decarbonizing transportation has intensified, with governments worldwide adopting policies to phase out Internal Combustion Engines (ICE) in favour of zero-emission EVs. Enabling policies both, at a national and state level Indian govt. have 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.”