SnapE Cabs, an electric vehicle startup, has raised $2.5 million in a bridge deck round headed by Inflection Point Ventures, one of the biggest angel investment platforms in India.
The funding will be used for product development and improvement, EV vehicle leasing, and operating expenses. Ah Ventures, Shish Kharesiya, Praveen Chand, Jaspreet Kaur, and others also participated in the round.
The company in its official press release states that with more than 1,000 EV vehicles in its fleet, SnapE achieved EBITDA positive status in January 2025.
With over 1.2 million paying users and over 1.3 million app downloads, the number of users has increased in tandem with this expansion, resulting in 3.2 million rides to date.
The company’s gross sales reached ?120 crores thanks to these accomplishments. Through a strategic alliance with Rapido, a ride-hailing service platform, SnapE Cabs recently increased its market share in Delhi by deploying 200 cars in the previous three months, achieving profitability in the process.
SnapE Cabs has a unique position in the Indian market thanks to its exclusive network of CPO partners and 100% ownership of a fleet that is all electric. This enables them to provide “EV as a Service” to ensure that their supply and demand, which are currently at a healthy 3:1 ratio, are sufficient.
They may charge competitive prices without reducing their earnings because its running costs are 60–70% lower than those of traditional ICE (internal combustion engine) cabs. Additionally, SnapE retains up to 90% of its riders and keeps the cost of acquiring new consumers extremely low, at just 0.8% of revenue.
The company has an advantage over current platforms thanks to smart B2B partnerships, including its agreement with Rapido to deploy 5,000 cabs throughout India in the next two years, which makes their EV mobility model viable and scalable.
Mayank Bindal started SnapE Cabs. He graduated from the University of Glasgow with a master’s degree in finance. He is the founder and CEO of SnapE Cabs, having spent more than 15 years in the telecom sector at Steelman Telecom prior to founding the company.
With their integrated network for EV charging, SnapE Cabs now operates over 1,112 EV taxis, up from roughly 500 in late 2024. Currently operating in Kolkata, the company is expanding into the Delhi-NCR region.
The market for electric vehicles in India is expected to be worth about $18.3 billion by 2029, with a CAGR of 28.5%. By 2030, electric vehicles (EVs) are expected to make up more than 40% of India’s $100 billion auto market.
Electric ride-hailing is also growing quickly; by FY2030, EV cabs are expected to make up about 7% of the ride-hailing market. Additionally, around 57% of Indian consumers now prefer ride-hailing over personal vehicles, signaling strong future demand.
Leadership Comments
Mitesh Shah, co-founder IPV says, “The demand for clean and sustainable vehicles is growing globally. The ride-hailing platforms are no exception. With an increasing number of people using ride-hailing services, this sector urgently needs a greener alternative. SnapE Cabs is addressing this by not only offering EV cab services but by also building a supportive infrastructure. Its model is both environmentally friendly and financially sustainable, achieving growth without burning cash for customer acquisition, discounts, and fleet operations. The recent tie up with Rapido further strengthens the company mission for India’s EV adoption and sustainable goal.”
Mayank Bindal, Founder and CEO, SnapE Cabs says, “We’re not just expanding; we’re delivering profitability at scale. With IPV backing us in this bridge round, SnapE has already deployed 200 electric cabs in Delhi in the last 3 months, that have been profitable from Day 1. Over the next 12 months, we’re adding another 1000 cars, not to chase growth metrics, but to meet a very real supply gap left open in the market.”
“Our focus shifts from a demand aggregation to a supply-led infrastructure model empowers other demand aggregators, enhances utilization, and de-risks margins. In a sector built on burns, recent disruptions have created visible white space and squeezed up margins; SnapE is proving that EV fleet economics work today, not just on projections. This round accelerates our mission to build the backbone that enables India’s EV mobility vision for 2030; clean, scalable, and built on fundamentals,” adds Mayank.
