Startup Originals Team
Snap-E Cabs, an electric vehicle (EV) ride-hailing startup based in Kolkata, has raised USD 2.5 million in a pre-Series A round led by Inflection Point Ventures. The fresh capital will help accelerate its growth, adding EVs, enhancing technology, and widening its service footprint.
Founders & Base Operations
- Founded in 2022, Snap-E Cabs is led by Mayank Bindal (CEO) and Jaydip Mukherjee (co-founder).
- The company operates out of Kolkata, with its fleet already including around 600 EVs.
Use of Funds & Expansion Plans
- Funds will be used for talent acquisition, technology upgrades, introducing new tech-enabled services, and expanding into new geographies.
- In the current fiscal year (FY 2023-24), Snap-E plans to add 300-400 EVs to its fleet.
- In FY 2024-25, the goal is more ambitious: expand to 2–3 additional cities and scale up to 1,500-2,000 EVs in total.
Business Model & Competitive Strengths
- Snap-E uses a hybrid B2B + B2C model (serving both businesses and individual riders).
- Some key features and operational goals:
- 100% electric fleet, meant to reduce emissions.
- Maintaining less than 5% downtime, aiming for reliability.
- No surge pricing, minimal cancellations, intended to improve customer trust.
Strategic Partnerships & Infrastructure Moves
- Snap-E has signed a Memorandum of Understanding (MoU) with the Airport Authority of India (AAI) to allow operations at airports across India.
- It also has agreements with the West Bengal government for training in the EV ecosystem, and with Port Trusts for land to build charging facilities.
- Notably, Snap-E secured a 5-year contract to operate EV fleet & charging services at Howrah Railway Station, a major railway terminal.
Alignment with India’s EV Goals & Challenges Ahead
- The startup’s scaling plan is in line with India’s target of 30% electric vehicle penetration by 2030.
- However, scaling to multiple cities and adding many EVs will require strong infrastructure (charging stations, maintenance), regulatory support, supply chains for EV vehicles and parts, and reliable operations to maintain low downtime.
Conclusion
Snap-E Cabs’ successful pre-Series A funding marks a strong signal in India’s electric mobility landscape. With ambitious fleet expansion, strategic partnerships, and a focus on technology and service quality, the startup is poised to help accelerate EV ride-hailing adoption in multiple cities. If executed well, its growth could also serve as a model for sustainable, scalable mobility solutions across India.
