Electric vehicle ride-hailing platform Snap-E Cabs raises Rs 20 crore startup funding. Snap-E Cabs company shared this information on Monday. He says it has raised startup funding of 2.5 million USD in a pre-Series A round led by Inflection Point Ventures.
Snap-E Cabs raises Rs 20 crore startup funding. Now how will the company utilize this startup funding money? Let us know what is the future plan of the company?
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Snap-E Cabs raises Rs 20 crore startup funding
EV ride-hailing platform Snap-E Cabs raised Rs 20 crore startup funding on Monday. It has done this amazing work under the leadership of Inflection Point Ventures.
Snap-E Cabs has received startup funding of 2.5 million USD in Pre-Series A round. EV ride-hailing platform Snap-E Cabs is currently based in Kolkata, India.
Why Snap-E Cabs company plans to allocate funds
The following are the reasons why Snap-E Cabs Company plans to allocate funds. These have allocated funds from the plan to support its internal growth and expand operations into additional geographic areas.
The company says startup funding is also needed to invest in technological upgrades in future Electric vehicles ride-hailing. Snap-E Cabs raises Rs 20 crore startup funding this program.
What is the future plan of Snap-E Cabs?
Snap-E Cabs company is currently operating with 600 EVs in Kolkata. It plans to expand its fleet by adding 300-400 EVs by the end of FY 2024.
That means it will perform approximately 1000 operations by the end of financial year 2024.
Looking at FY25, the company said that it aims to work on 1,500-2,000 EVs. We also want to expand our services to 2-3 more cities of India.
What is the future of EV in India?
Let us tell you that the EV operator has recently signed an MoU with the Airport Authority of India (AAI). Where they can start operations at any airport across the country.
Rahul Wagh, Managing Director, Inflection Point Ventures said. “The global focus on decarbonizing transportation has intensified. Governments around the world are adopting policies to phase out internal combustion engines (ICEs) in favor of zero-emission EVs.
By adopting enabling policies both at the national and state levels. The Government of India has made the environment favorable for e-mobility.”
Inflection Point Ventures (IPV) has so far invested more than Rs 650 crore in more than 200 deals.
Mayank Bindal, Founder and CEO, Snap-E Cabs
Mayank Bindal, Founder and CEO of Snap-E Cabs said that, “India’s transition to electric vehicles doesn’t just disrupt global oil markets.
Rather, it positions the country with a population of 1.4 billion and a rapidly growing economy as a major player in the global EV market. Which is an important step towards sustainable development.”
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Snap-E Cabs raises Rs 20 crore startup funding, feature image credit: snapecabs.com