India’s electric mobility space is heating up, and SnapE Cabs has announced that it has raised $2.5 million in a bridge funding round led by Inflection Point Ventures (IPV), a Gurugram-based angel investment firm. The round also saw participation from Ah! Ventures, Shish Kharesiya, Praveen Chand, Jaspreet Kaur, and several other investors.
The funds will be utilized to cover operational costs, lease new EVs, and enhance the company’s product and technology. For SnapE Cabs, this infusion of capital comes at a critical moment as it works to scale its presence and refine its profitable EV mobility model.
Strong Growth Numbers
Founded by Mayank Bindal, SnapE Cabs offers a full-stack EV fleet and charging infrastructure platform tailored for ride-hailing and fleet operators. The company turned EBITDA positive in January 2025, marking a milestone many mobility startups struggle to achieve.
Today, SnapE boasts over 1.2 million paying users and 1.3 million app downloads, helping it cross Rs 120 crore in gross revenue. Its current fleet has surged to 1,112 electric cabs, up from just around 500 in late 2024—a growth trajectory that proves its model is working at scale.
SnapE Cabs Expanding Into Delhi
Kolkata was SnapE’s first home, but the company is now accelerating into new markets. In the last three months, it deployed 200 EVs in Delhi through a partnership with Rapido. Notably, this expansion achieved profitability from Day 1, showing that SnapE’s approach is both scalable and sustainable.
The startup now plans to add 1,000 more cars over the next year, not merely to chase growth but to fill the supply gap left by competitors. This supply-first approach is what SnapE believes gives it an edge in the EV ride-hailing sector.
Different Business Model
Explaining the company’s strategy, CEO Mayank Bindal emphasized that SnapE is not just another aggregator. Instead, it is building a supply-led infrastructure model that empowers other demand aggregators, enhances utilization, and protects margins.
“In an industry known for high cash burns and discounts, we are showing that EV fleet economics work today, not just on projections,” said Bindal. “This round is not about chasing vanity growth—it is about building the backbone for India’s EV vision 2030: clean, scalable, and fundamentally strong.”
Investor Confidence
The funding round’s lead investor, Mitesh Shah, Co-founder of IPV, highlighted that the demand for green and sustainable ride-hailing options is growing worldwide. According to him, SnapE is not just providing cab services but also building an ecosystem of charging and fleet infrastructure, making the model both environmentally friendly and financially sound.
He further noted that SnapE is succeeding without burning cash on discounts and customer acquisition, which sets it apart from traditional ride-hailing giants that often rely heavily on subsidies.
Market Potential Ahead
Industry estimates suggest that by 2029, India’s EV market could be worth $18.3 billion, growing at a CAGR of 28.5%. By 2030, EVs are projected to make up over 40% of India’s $100 billion auto market. With profitability already in hand and growing user trust, SnapE is positioning itself as one of the leading players to ride this wave.
If the startup continues on this path, it could play a key role in helping India transition to a cleaner, greener mobility future, while also making EV fleets financially attractive for investors.
SnapE Cabs App
At the heart of SnapE’s journey is the SnapE Cabs App, which has already been downloaded more than 1.3 million times. The app offers users easy access to eco-friendly rides while supporting SnapE’s mission of sustainable transport.
The SnapE Cabs App ensures transparency in pricing, reliability in service, and a user-friendly interface, making it a preferred choice for riders in Kolkata and now Delhi. With upcoming expansions, the app is set to become an even stronger bridge between India’s commuters and its clean mobility ambitions.
