Snap-E Cabs, an on-demand, app-based fleet of 100% Electric Vehicles (EV), has announced significant collaborations with Mufin Green Finance, Mahindra Finance, ICICI Bank and HDFC to strengthen its fleet of eco-friendly cabs in Kolkata.
These strategic alliances are in line with Snap-E Cabs expansion plans for FY24, aiming at entry into newer markets of Bhubaneswar and Raipur.
Mufin Green Finance has partnered with Snap E Cab to provide a fleet of 100 Tata Tigor cars on lease for 5 years. These vehicles will be utilised 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 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 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 and 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.”
Adding these eco-friendly vehicles to the fleet underlines the commitment of Snap E Cab towards reducing its carbon footprint and promoting a cleaner environment.