Kolkata, Feb 5 (PTI) Electric vehicle ride-hailing platform Snap-E Cabs on Monday said it has secured USD 2.5 million in a pre-series A round led by Inflection Point Ventures (IPV).
The fresh funds will fuel talent acquisition, technology upgrades, new services and geographical expansion, officials said.
It will enable Snap-E Cabs to add 300-400 EVs and expand to two-three new cities by the end of the current fiscal year, they said.
Kolkata-based Snap-E Cabs, which was founded in 2022 by Mayank Bindal and Jaydip Mukherjee, aims to operate 1,500-2,000 EVs across five cities by the 2024-25 fiscal.
At present, it operates 600 EVs in Kolkata.
“India’s ambitious EV goals can significantly impact global oil markets… and transition to sustainable development,” Bindal said.
Rahul Wagh, Managing Director of IPV, said: “Climate change is a global threat… and EVs are crucial for decarbonising transportation.” This investment aligns with India’s goal of 30 per cent electric vehicle penetration by 2030, he said. PTI BSM RBT
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.