Snap-E Cabs raises USD 2.5 million

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.