Electric Vehicle (EV) ride-hailing platform Snap-E has raised $2.5 million in a pre-series A funding round led by Inflection Point Ventures. The company is expected to allocate these funds for talent acquisition and technology upgrades and introduce tech-enabled capabilities.

With a 100% electric fleet that is committed to offering sustainable, efficient, and affordable mobility solutions, the company will also leverage the funds to expand to other geographical locations.

While Snap-E operates a fleet of 600 EVs in Kolkata, the company plans to add 300-400 EVs by the end of this fiscal year. In FY25, the company aims to extend its services to two or three cities by adding 1,500-2,000 EVs to its fleet.

“Global EV sales doubled to 16.5 million units in 2021, and India’s ambitious goal to have EVs represent 30% of road traffic by 2028 could have significant global impacts, reducing the country’s oil dependency and serving as a replicable model for emerging economies. India’s transition to electric vehicles not only disrupts global oil markets but also positions the country, with its 1.4 billion population and rapidly growing economy, as a key player in the global EV market, marking a substantial step toward sustainable development,” said Mayank Bindal, Founder and CEO of Snap-E cabs.

Snap-E utilizes a hybrid B2B and B2C model, allowing it to maintain a less than 5% downtime that ensures a swift vehicle turnaround.

The company claims to be the biggest operator in eastern India, having the largest charging infrastructure, and is the only EV fleet operator to have signed an agreement with the Airports Authority of India, which allows it to operate from any Indian airport.

Snap-E has reached 600 cars within a year, with an accounting rate of revenue of ₹350 million (~$4.2 million).

Earlier this year, BluSmart, another Indian EV ride-hailing platform, received an investment of $25 million to reduce carbon emissions in Asia.

In 2023, the sale of EVs in India touched a record 1.53 million units, as opposed to a million units being sold in 2022.

According to Mercom Capital Group’s Annual and Q4 2023 Funding and M&A Report for Storage & Grid, corporate funding for smart grid companies in 2023 was down 30%, with $3.3 billion in 60 deals compared to $4.7 billion in 58 deals in 2022.