- SnapE Cabs is a next-generation electric mobility company offering a fully integrated platform that combines EV fleet ownership with dedicated charging infrastructure—designed to serve both ride-hailing and fleet operators.
- The recently raised funds will be strategically deployed to scale operations in Delhi, lease additional electric vehicles, and enhance product capabilities across the platform.
- With its proprietary charging network and 100% EV fleet, SnapE Cabs has scaled to over 1,100 electric vehicles, completing 3.2 million rides, with 1.3 million app downloads and 1.2 million paying users to date.
- The company’s entry into the Delhi market—via a strategic partnership with Rapido—has seen the deployment of 200 electric cabs in the last three months, achieving profitability from day one.
- Inflection Point Ventures (IPV), the lead investor in this round, has cumulatively invested over INR 800 crore across 250+ startups, reinforcing its commitment to backing scalable, sustainable innovation.
Kolkata, September 11, 2025 – SnapE Cabs, India’s pioneering fully-integrated electric mobility platform, today announced the successful completion of a $2.5 million bridge funding round led by Inflection Point Ventures (IPV), one of India’s largest angel investing platforms. The round also attracted participation from Ah Ventures, Shish Kharesiya, Praveen Chand, Jaspreet Kaur, and other strategic investors.
Proven Business Model with Strong Financial Performance
SnapE Cabs has demonstrated exceptional growth trajectory, achieving EBITDA positivity in January 2025 while scaling operations sustainably. The company’s impressive metrics include:
- Fleet Scale: Over 1,100 electric vehicles in operation
- Customer Base: 1.2 million paying users with 1.3 million app downloads
- Operational Excellence: 3.2 million completed rides generating ₹120 crores in gross revenue
- Market Expansion: Recent profitable entry into Delhi market through strategic Rapido partnership
Strategic Market Expansion and Partnership Success
The company’s recent Delhi market entry exemplifies its sustainable growth approach. Through a strategic partnership with ride-hailing platform Rapido, SnapE deployed 200 electric vehicles in Delhi over the past three months, achieving profitability from day one. This success establishes a foundation for the planned deployment of 5,000 vehicles across India over the next two years.
“We’re not just expanding; we’re delivering profitability at scale,” said Mayank Bindal, Founder and CEO of SnapE Cabs. “With IPV backing us in this bridge round, we’ve already demonstrated that our EV fleet economics work today, not just in projections. Over the next 12 months, we’re adding another 1,000 cars to meet the very real supply gap in the market, shifting from demand aggregation to a supply-led infrastructure model.”
Competitive Advantages and Market Position
Integrated Infrastructure Model: SnapE Cabs differentiates itself through 100% ownership of its fully electric fleet combined with an exclusive network of Charge Point Operator (CPO) partners. This integrated approach enables:
- Superior Economics: 60-70% lower operating costs compared to conventional ICE vehicles
- Efficient Operations: Healthy 3:1 supply-demand ratio ensuring optimal fleet utilization
- Customer Acquisition Efficiency: Industry-leading 0.8% customer acquisition cost as percentage of revenue
- Strong Retention: 90% rider retention rate demonstrating service quality
“EV as a Service” Platform: The company’s unique positioning as a comprehensive EV service provider addresses both supply and demand challenges in India’s mobility sector, offering scalable solutions for fleet operators and ride-hailing platforms.
Investment Rationale and Market Opportunity
Mitesh Shah, Co-founder of Inflection Point Ventures, commented: “The demand for clean and sustainable vehicles is growing globally, and ride-hailing platforms are no exception. SnapE Cabs is addressing this need by offering not only EV cab services but also building supportive infrastructure. Its model is both environmentally friendly and financially sustainable, achieving growth without burning cash for customer acquisition, discounts, and fleet operations.”
Strategic Fund Utilization
The $2.5 million investment will be strategically deployed across three key areas:
- National Expansion: Scaling operations in Delhi and entering new metropolitan markets
- Fleet Enhancement: Leasing additional electric vehicles to meet growing demand
- Technology Development: Improving platform capabilities and user experience
Market Context and Growth Projections
India’s electric vehicle market presents substantial opportunities:
- Market Size: Projected to reach $18.3 billion by 2029 with 28.5% CAGR
- Auto Market Share: EVs expected to comprise 40% of India’s $100 billion automotive market by 2030
- Ride-Hailing Penetration: Electric cabs anticipated to capture 7% of ride-hailing market by FY2030
- Consumer Preference: 57% of Indian consumers now prefer ride-hailing over personal vehicle ownership
Leadership and Vision
Mayank Bindal founded SnapE Cabs after over 15 years in the telecommunications industry at Steelman Telecom. He holds a master’s degree in finance from the University of Glasgow and brings extensive operational and strategic experience to India’s evolving mobility sector.
“This round accelerates our mission to build the backbone that enables India’s EV mobility vision for 2030—clean, scalable, and built on solid fundamentals,” Bindal added. “In a sector historically built on cash burns, recent market disruptions have created visible opportunities, and SnapE is proving that sustainable EV economics are achievable today.”
About SnapE Cabs
SnapE Cabs (EC Wheels India Pvt. Ltd.) is India’s first fully-integrated electric mobility platform, combining 100% EV fleet ownership with comprehensive charging infrastructure. Founded by Mayank Bindal, the company provides end-to-end EV fleet solutions for ride-hailing and fleet operators, currently serving Kolkata with rapid expansion into Delhi-NCR.
Core Offering: Complete electric mobility ecosystem including fleet management, charging infrastructure, and technology platform designed to enable sustainable urban transportation.
About Inflection Point Ventures
Inflection Point Ventures (IPV) is India’s premier angel investing platform, connecting over 24,000 CXOs, HNIs, and professionals to invest in innovative startups. The firm provides both monetary and experiential capital to new-age entrepreneurs while facilitating connections with diverse investor networks.
IPV has deployed over ₹800 crores across 250+ startups and operates Physis Capital, a $50 million Category 2 VC fund focused on Pre-Series A to Series B growth-stage investments. The fund has already invested in six startups with additional deals in advanced pipeline stages.
