Home Venture Capital Snap-E Cabs and Rupyz raise early-stage funding

Snap-E Cabs and Rupyz raise early-stage funding

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Snap-E Cabs and Rupyz raise early-stage funding

(L-R): Jaydip Mukherjee, co-founder and CBO; Mayank Bindal, founder and CEO SnapE-Cabs

Ride-hailing application Snap-E Cabs and software-as-a-service (SaaS) startup Rupyz secured early-stage funding, the companies said on Monday.

Snap-E Cabs has raised $2.5 million (Rs 20.7 crore) in a pre-Series A funding round led by Inflection Point Ventures (IPV).  

The startup will use the funding to develop its technology stack, expand presence across geographies and hire talent. 

Founded by Mayank Bindal and Jaydip Mukherjee in 2022, Snap-E-Cabs is an EV fleet operator based out of Kolkata.  

The platform claims to have clocked Rs 35 crore in annual recurring revenue and claims to operate a fleet of 600 EVs in Kolkata. The startup targets to expand its fleet by adding 300-400 EVs by the end of FY24 and by FY25, the company aims to extend services to 2-3 additional cities as well as add 1,500-2,000 EVs. 

Meanwhile, Inflection Point Ventures (IPV) is an early-stage investing platform. IPV marked the first close of its $50 million category-II alternative investment fund (AIF), Physis Capital in 2023. The firm invests in pre-Series A to Series B growth-stage startups from the fund.

Business-to-business (B2B) SaaS startup Rupyz has raised $1.2 million (Rs 10 crore) in a seed funding round led by early-stage venture capital firm Merak Ventures. The round also saw participation from undisclosed angel investors.  

Rupyz aims to onboard over 3,000 businesses in the next 12-15 months. The latest investment will be utilised to strengthen Rupyz’s core technological offerings as well.  

Founded by Dhaval Radia, Gourav Gupta, Akshay Gupta and Palash Lunia, Rupyz is a SaaS platform enabling B2B commerce and omnichannel distribution for FMCG and consumer brands.  

Rupyz presently claims to oversee a network of 85 brands with around 6,500 distributors and 250,000 retailers. 

“Rupyz’s omni-commerce approach is not just improving operational efficiencies but is amongst the first brands to change how firms, distributors, retailers connect, communicate and do business,” said Radia, co-founder and chief executive officer, Rupyz.

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