SnapE Cabs Raises $2.5 Mn In Bridge Round Led By Inflection Point Ventures

Kolkata-based electric mobility company SnapE Cabs has raised $2.5 million in a bridge deck round led by Inflection Point Ventures, an angel investing platform. The funds will be deployed towards operational overheads, leasing EV cars, and product development and enhancement. While sharing these details, SnapE Cabs said in a press release: “The round also saw participation from Ah Ventures, Shish Kharesiya, Praveen Chand, Jaspreet Kaur, and others.”

SnapE said it turned EBITDA positive in January 2025, with its fleet of EV cars growing to over 1,000. The company explained: “This growth has been matched by the number of users, with more than 1.2 million paying users and over 1.3 million app downloads, which has led to 3.2 million rides so far. These achievements have helped the company reach ₹120 crore in gross revenue.” Additionally, SnapE Cabs said it recently expanded its presence into the Delhi market through a partnership with the ride-hailing service platform Rapido, deploying 200 cars in the last three months, which has also achieved profitability.

About The Company

SnapE Cabs founder Mayank Bindal holds a master’s degree in finance from the University of Glasgow. Before starting SnapE Cabs, he worked in the telecom industry for more than 15 years at Steelman Telecom and now serves as the company’s Founder and CEO. SnapE Cabs runs about 1,112 EV cabs, up from about 500 in late 2024, with its built-in network for charging EVs. The company is currently functional in Kolkata and growing into the Delhi-NCR area.

The EV company said it has 100% ownership in the Indian market of a fully electric fleet and an hub of CPO partners. SnapE Cabs explained that this allows them to offer "EV as a Service" to make sure they have enough supply to meet demand, which is currently at a healthy 3:1 ratio. 

About the company's offering, it explained, "SnapE Cabs' operating costs are 60–70% lower than those of conventional ICE (internal combustion engine) cabs, which allows them to charge competitive prices without cutting into their profits. Additionally, SnapE claims that the cost of getting new customers is very low at only 0.8% of revenue, and it retains up to 90% of its riders. The company has a  strategic partnershipwith Rapido to deploy 5000 cabs PAN India in the next 2 years.

Leadership View

On the latest announcement, 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 three 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.” 

Mitesh Shah, co-founder of 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.”

As per the company's estimates, "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."