Snap-E Cabs Expands Its Fleet To 600 Cars With Multiple Collaborations

Snap-E Cabs -- an on-demand app-based fleet of electric vehicles has collaborated with Mufin Green Finance, Mahindra & Mahindra Finance, ICICI and HDFC finance to strengthen its fleet of eco-friendly cabs in Kolkata.

According to the statement, 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 has partnered with Snap-E Cab to provide a fleet of 100 Tata Tigor cars on lease for five years. These vehicles will be utilized as cabs in Kolkata, effectively 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 has collaborated with Snap-E Cab to lease 50 Tata Tigor cars for three 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 have partnered with Snap-E Cab to 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.

“We are delighted to announce these collaborations with Mufin Green Finance, Mahindra & Mahindra Finance, ICICI & HDFC Bank,” said Mayank Bindal, Founder & CEO at Snap E Cab. “These partnerships align with our vision to provide environmentally conscious transportation options to our customers while expanding our reach and enhancing our service offerings,” Bindal added.

The company has several hubs in northern and southern parts of Kolkata, where the vehicles are parked, cleaned and charged before going out for rides.

Earlier, the company said that it was planning to venture into smaller cities such as Bhubaneswar, Guwahati, Varanasi, Raipur, Indore, Bhopal, Jaipur and Ahmedabad over the next few years because of the potential of the untapped market besides expanding in the greater Kolkata region.