Snap-E Cabs secure $2.5 million in pre-Series A funding

Snap-E Cabs bags $2.5 million funding, which it plans to develop its technology stack with and hire talent across the geographies for expansion.

Snap-E Cabs, a ride hailing application, and software-as-a-service (SaaS) startup, Rupyz, secured early-stage funding, the companies said on Monday.

Snap-E Cabs has raised $2.5 million (Rs 20.7 crore) in a pre-Series A funding round led by Inflection Point Ventures (IPV).

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The startup will be diverting its funding to develop its technology stack, expand presence across geographies and hire talent. It is based in Kolkata, which focuses on EV fleet operator and is founded by Mayank Bindal and Jaydip Mukherjee.

The platform claims to have secured Rs 35 crore in annual recurring revenue and claims to operate a fleet of 600 EVs in Kolkata. It has targeted to expand its fleet by adding 300-400 EVs by the end of FY24 and FY25, the company aims to extend services to 2-3 additional cities as well as add 1,500-2,000 EVs.