Startup Snap-E Cabs Expands Its Fleet To 600 Cars
Snap-E Cabs, an on-demand, app-based fleet of 100 per cent Electric Vehicles (EV), has collaborated with Mufin Green Finance, Mahindra & Mahindra Finance, ICICI and HDFC finance to strengthen its fleet of eco-friendly cabs in Kolkata. These strategic alliances are in line with Snap-E Cabs expansion plans for FY '24, aiming at entry into newer markets of Bhubaneswar and Raipur while doubling the fleet count too.
Mufin Green Finance will provide Snap E Cabs a fleet of 100 Tata Tigor cars on lease for 5 years. These vehicles will be utilised as cabs in Kolkata, increasing Snap E Cab's fleet to 600 from the previous 400 cabs. After the 5-year lease term, Snap E Cab can buy back these vehicles from Mufin Green Finance.
Similarly, Mahindra & Mahindra Finance will lease 50 Tata Tigor cars for a duration of 3 years. At the end of the 3-year lease period, Snap E Cab will have the opportunity to purchase these cars from Mahindra & Mahindra Finance.
Additionally, ICICI and HDFC Finance will provide another set of 50 Tata Tigor cars in total. This collaboration will further augment the Snap E Cab fleet in Kolkata, reaching 600 cabs.
On the collaboration, Mayank Bindal, Founder & CEO at Snap E Cab, said "These partnerships align with our vision to provide environmentally conscious transportation options to our customers while expanding our reach and enhancing our service offerings."
Established in August 2022, Snap-E Cabs is headquartered in Kolkata, West Bengal.
