SnapE Cabs, India’s fast-growing electric mobility company, has raised $2.5 million in a bridge round led by Inflection Point Ventures (IPV), one of the country’s largest angel investing platforms. The round also saw participation from Ah Ventures, Shish Kharesiya, Praveen Chand, Jaspreet Kaur, and other strategic investors.
The funds will be deployed towards leasing EV cars, managing operational overheads, and strengthening product development and enhancements. SnapE achieved a significant milestone by turning EBITDA positive in January 2025. Its EV fleet has now expanded to over 1,100 cabs, up from just 500 in late 2024, backed by its proprietary EV charging network. With 1.2 million paying users, 1.3 million app downloads, and more than 3.2 million rides completed, the company has already recorded ₹120 crore in gross revenue.
Recently, SnapE entered the Delhi market through a strategic partnership with Rapido, deploying 200 electric cabs in three months. The new fleet has been profitable from Day 1, demonstrating the scalability of SnapE’s model.
Mitesh Shah, Co-founder, Inflection Point Ventures, said “The demand for clean and sustainable mobility is rising across the globe. Ride-hailing must embrace greener alternatives, and SnapE is at the forefront of this shift. By offering a fully electric fleet, supported by infrastructure and sustainable unit economics, SnapE is proving that EV cab services can thrive without burning cash. The Rapido partnership further strengthens its position in India’s EV adoption journey.”
SnapE Cabs operates with 100% ownership of an EV fleet and an exclusive hub of charging partners, offering EV-as-a-Service to ensure supply keeps pace with demand. Its operating costs are 60–70% lower than traditional ICE-based fleets, enabling competitive pricing while maintaining profitability.
With a 3:1 demand-supply ratio, 90% rider retention, and customer acquisition costs as low as 0.8% of revenue, SnapE maintains strong unit economics. Strategic partnerships, including the Rapido collaboration to deploy 5,000 EVs across India in the next two years, further bolster scalability and market positioning.
Mayank Bindal, Founder & CEO of SnapE Cabs, said “We are not just expanding; we are delivering profitability at scale. With IPV’s support, SnapE has already deployed 200 profitable EVs in Delhi and plans to add another 1,000 cars in the next 12 months. Our focus is on building a supply-led infrastructure model that empowers demand aggregators, enhances utilization, and de-risks margins. In a market disrupted by high cash burn, SnapE is proving that EV fleet economics work today—not just in projections. This round accelerates our mission to build the backbone of India’s EV mobility vision for 2030.”
India’s electric vehicle industry is projected to be worth $18.3 billion by 2029, growing at a 28.5% CAGR. By 2030, EVs are expected to account for 40% of India’s $100 billion auto sector, with EV cabs comprising about 7% of the ride-hailing market. With 57% of Indian consumers preferring ride-hailing over private ownership, the demand for sustainable cab services is expected to rise sharply.
SnapE (EC Wheels India Pvt Ltd), founded by Mayank Bindal, is India’s first fully integrated EV fleet and charging ecosystem for ride-hailing and fleet operators. With 100% electric vehicles and exclusive charging partnerships, SnapE provides an end-to-end mobility solution that is clean, scalable, and financially sustainable.
Inflection Point Ventures (IPV) is one of India’s largest angel investing platforms with a network of 24,000+ CXOs, HNIs, and professionals. IPV supports startups through financial and strategic capital and operates Physis Capital, a $50 million CAT 2 VC fund focused on Pre-Series A to Series B stage companies.
