Snap-E Cabs increases electric vehicle fleet size to 600 cars in Kolkata

App-based on-demand electric cab services provider Snap-E Cabs on Tuesday said it has expanded its fleet size to 600 cars in Kolkata, aided by significant collaborations with multiple players.

The company has formed alliances with Mufin Green Finance, Mahindra & Mahindra Finance, ICICI and HDFC that are in line with the platform's expansion plans for this fiscal, the company said in a statement.

Snap-E-Cabs, which is currently present in Kolkata, is also aiming at entry into newer markets like Bhubaneswar and Raipur while doubling the fleet count as well, it 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, said Mayank Bindal, Founder and CEO of Snap-E-Cabs.

The company said its partnership with Mufin entails a fleet of 100 Tata Tigor cars on lease for five years. These vehicles will be utilized as cabs in Kolkata, effectively increasing its fleet to 500 from the previous 400 cabs.

After the five-year lease term, Snap-E Cabs can buy back these vehicles from Mufin Green Finance, it stated.

Mahindra & Mahindra Finance has collaborated with Snap-E Cabs to lease 50 Tata Tigor cars for three years. ICICI and HDFC have partnered with the platform to provide another set of 50 Tata Tigor cars.

This collaboration will further augment the Snap-E Cabs fleet in Kolkata, reaching 600 cabs, the company said.