Snap-E Cabs Raises $2.5 Million for EV Expansion
Snap-E Cabs secures $2.5 million in funding to expand its electric ride-hailing services, invest in tech, and hire talent. The company plans to increase its fleet and enter new cities.
New Delhi, Feb 5 (PTI) EV Ride-hailing platform Snap-E Cabs on Monday said it has raised USD 2.5 million (about Rs 20 crore) in a funding round led by Inflection Point Ventures.
The company plans to allocate funds raised in the Pre-Series A Round for talent acquisition to support growth, invest in tech upgrades and the introduction of new tech-enabled services, and expand operations into additional geographies, it said in a statement.
Currently operating with 600 EVs in Kolkata, Snap-E plans to expand its fleet by adding up to 400 EVs by the end of FY24.
Looking ahead to FY25, the company aims to extend services to 2-3 more cities, adding 1,500-2,000 EVs, signalling significant scale up in operations.
The company plans to allocate funds raised in the Pre-Series A Round for talent acquisition to support growth, invest in tech upgrades and the introduction of new tech-enabled services, and expand operations into additional geographies, it said in a statement.
Currently operating with 600 EVs in Kolkata, Snap-E plans to expand its fleet by adding up to 400 EVs by the end of FY24.
Looking ahead to FY25, the company aims to extend services to 2-3 more cities, adding 1,500-2,000 EVs, signalling significant scale up in operations.
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