Electric mobility company SnapE Cabs has raised $2.5 million in a bridge round led by Inflection Point Ventures (IPV), one of India’s largest angel investing platforms. The fresh funds will be used to support national expansion, scale operations in Delhi, lease additional electric vehicles, and enhance product offerings. The round also saw participation from Ah Ventures, Shish Kharesiya, Praveen Chand, Jaspreet Kaur, and other investors.
SnapE Cabs, which offers an integrated EV fleet and charging infrastructure platform, turned EBITDA positive in January 2025. The company has since expanded its fleet to over 1,100 EVs, completing 3.2 million rides with more than 1.3 million app downloads and 1.2 million paying users. Its recent entry into the Delhi market through a partnership with Rapido — deploying 200 cabs in three months — has already achieved profitability.
Mitesh Shah, Co-founder of IPV, highlighted the importance of the investment: “The demand for sustainable mobility is rising globally, and ride-hailing is no exception. SnapE is addressing this by building not only an EV fleet but also the supporting infrastructure, proving the economics of EV mobility today.”
SnapE’s model is built on full ownership of its EV fleet, supported by exclusive charging partnerships. With operating costs 60–70% lower than conventional ICE cabs, the company can offer competitive pricing while maintaining profitability. Customer acquisition costs are kept at just 0.8% of revenue, with a rider retention rate of up to 90%.
Founder and CEO Mayank Bindal, a telecom industry veteran and finance graduate from the University of Glasgow, said, “We’re not just expanding; we’re delivering profitability at scale. With this funding, SnapE will add 1,000 new EVs over the next year to address the market’s supply gap while continuing to build the backbone for India’s EV mobility vision for 2030.”
With strategic partnerships and scalable operations, SnapE aims to deploy 5,000 EVs across India within two years. The company is positioning itself as a frontrunner in India’s fast-growing electric ride-hailing market, projected to form 7% of the ride-hailing sector by 2030.
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