Kolkata: Snap E Cabs, an app-based on-demand electric cab services provider, has expanded its fleet size to 600 cars in Kolkata. They are being funded through collaborations with multiple players, like Mufin Green Finance, Mahindra & Mahindra Finance, ICICI and HDFC, the company said via a statement.
Mayank Bindal, Founder and CEO of Snap E Cabs, 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.”
Based out of Kolkata, Snap E Cabs has plans to enter newer markets like Raipur and Bhubaneshwar, all the while doubling their fleet.
Their partnership with Mufin will provide the company with a fleet of 100 Tata Tigor cars for five years, on a lease. This will increase their number to 500 from 400 cabs. Snap E Cabs have announced that they have the agency to buyback these cars from Mufin Green Finance after the conclusion of their five-year lease term.
The company said Mahindra & Mahindra Finance will provide 50 Tata Tigors on lease for three years to Snap E Cabs through their partnership, while their partnerships with ICICI and HDFC will provide them with a combined 50 Tata Tigor cars, totalling the number to 600 cabs in Kolkata.
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