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					</table><p>Electric Vehicle (EV) ride-hailing platform <a href="https://snapecabs.com/" target="_blank" rel="noopener">Snap-E</a> has raised $2.5 million in a pre-series A funding round led by <a href="https://ipventures.in/" target="_blank" rel="noopener">Inflection Point Ventures</a>. The company is expected to allocate these funds for talent acquisition and technology upgrades and introduce tech-enabled capabilities.</p>
<p>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.</p>
<p>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.</p>
<p>“Global EV sales doubled to 16.5 million units in 2021, and India&#8217;s ambitious goal to have EVs represent 30% of road traffic by 2028 could have significant global impacts, reducing the country&#8217;s oil dependency and serving as a replicable model for emerging economies. India&#8217;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.</p>
<p>Snap-E utilizes a hybrid B2B and B2C model, allowing it to maintain a less than 5% downtime that ensures a swift vehicle turnaround.</p>
<p>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.</p>
<p>Snap-E has reached 600 cars within a year, with an accounting rate of revenue of ₹350 million (~$4.2 million).</p>
<p>Earlier this year, BluSmart, another Indian EV ride-hailing platform, <a href="https://www.mercomindia.com/responsability-injects-25-million-blusmart" target="_blank" rel="noopener">received</a> an investment of $25 million to reduce carbon emissions in Asia.</p>
<p>In 2023, the sale of EVs in India <a href="https://www.mercomindia.com/electric-vehicle-sales-2023" target="_blank" rel="noopener">touched</a> a record 1.53 million units, as opposed to a million units being sold in 2022.</p>
<p>According to Mercom Capital Group’s <a href="https://mercomcapital.com/product/annual-q4-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Annual and Q4 2023 Funding and M&amp;A Report for Storage &amp; Grid</a>, 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.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

EV Ride-Hailing Platform Snap-E Secures $2.5 Million Funding

<p>The Andhra Pradesh State Road Transport Corporation (APSRTC) has come up with a proposal to deploy 350 electric buses in five cities in the state. Overall, the project is likely to cost ₹7.64 billion (~$109.6 million) and will be initiated shortly with each bus expected to cost nearly ₹21.8 million ($312,841).</p>
<p>Mercom contacted a senior official at APSRTC, who said, “The project is an initiative of the state government and is in the proposal phase. Expression of Interests (EoI) will be invited by July 15 this year. The proposal has been made under the Faster Adoption and Manufacturing of (Hybrid &amp;) Electric Vehicles (<a href="https://mercomindia.com/govt-approves-55-billion-fame-program/">FAME India</a>) program. The buses are to be deployed in five cities in Andhra based on population and feasibility. The Tamil Nadu State Transport Corporation is assisting us in the process.”</p>
<p>APSRTC is undergoing losses because of the increase in diesel prices. This proposal is expected to combat this issue and help the ongoing efforts of the central and state governments to adopt cleaner sources of energy in transport and mobility. A committee has been assigned to review the probability of a merger of APSRTC with the state government. These changes are aimed at making APSRTC a profitable body. The process of temporary registration of vehicles and allotting learner’s license has been resumed at RTO offices in the state.</p>
<p>The <a href="https://mercomindia.com/srinagar-30-ev-buses/">Jammu and Kashmir</a> government is also planning to deploy 30 more electric buses in the state’s summer capital, Srinagar. Other states like <a href="https://mercomindia.com/kerala-tenders-1500-electric-buses/" target="_blank" rel="noopener noreferrer">Kerala</a>, <a href="https://mercomindia.com/tender-announced-100-electric-buses-in-goa/" target="_blank" rel="noopener noreferrer">Goa</a>, and <a href="https://mercomindia.com/delhi-tender-385-electric-buses-clusters/" target="_blank" rel="noopener noreferrer">Delhi</a> have also issued tenders for the procurement of electric buses in the recent past.</p>
<p>The Department of Heavy Industries (<a href="https://mercomindia.com/government-seeks-proposals-from-states-for-5000-electric-buses/" target="_blank" rel="noopener noreferrer">DHI</a>) recently invited expressions of interest from state transport departments for the deployment of 5,000 electric buses. This is under the FAME-II scheme of the government of India, and the deployment will be on an operational cost model basis.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/ramya/" class="vcard author" rel="author"><span class="fn">Ramya Ranganath</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2019/06/Ramya1.png" width="92" height="94" data-default="https://mercomindia.com/wp-content/plugins/simple-author-box/assets/img/default.png" /></p>
<p>Ramya Ranganath is an Associate Editor and Writer for Mercom Communications India. Before joining Mercom, Ramya worked as a Senior Editor at a digital media supply chain solutions company. Throughout her career, she has developed end-to-end content for various companies in a wide range of domains, including renewables. Ramya holds a bachelor’s degree in Mechanical Engineering from M.S. Ramaiah Institute of Technology and is passionate about environmental issues and permaculture.</p>
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Andhra Pradesh to Deploy 350 Electric Buses In Five Cities

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