SnapE Cabs, an electric mobility company, has raised $2.5 million in a bridge funding round led by Inflection Point Ventures (IPV), an angel investing platform. The round also saw participation from Ah Ventures, Shish Kharesiya, Praveen Chand, Jaspreet Kaur and others.
The funds raised will be used towards operational overheads, leasing EV cars, and product development and enhancement.
Founded in 2022 by Mayank Bindal, Mahendra Bindal, and Jaydip Mukherjee, SnapE Cabs is an electric mobility company offering an end-to-end EV fleet and charging infrastructure platform for ride-hailing and fleet operators. It is India’s first fully integrated electric supply ecosystem (100% EV fleet + charging) for urban mobility.
Snap-E Cabs is a brand owned by EC Wheels India, a subsidiary of Steelman Telecom.
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.
SnapE Cabs recently expanded its presence into the Delhi market through a strategic partnership with the ride-hailing service platform, Rapido by deploying 200 cars in the last 3 months, which has achieved profitability.
The company’s strategic B2B partnerships, such as the one it has with Rapido to deploy 5000 cabs PAN India in the next 2 years.
SnapE turned EBITDA positive in January 2025, with its fleet of EV cars growing to over 1,000. 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. The company reached ₹120 crores in gross revenue.
Mayank Bindal, Founder and CEO, SnapE Cabs, said, “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.”
Mitesh Shah, co-founder of IPV, said, “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.”
