SnapE Cabs, India’s fast-growing electric ride-hailing startup, has secured $2.5 million in a Bridge Deck round led by Inflection Point Ventures (IPV), one of the country’s largest angel investment platforms. The round also saw participation from Ah Ventures, Shish Kharesiya, Praveen Chand, Jaspreet Kaur, and others.
The funds will be utilized for operational overheads, leasing EV cars, and product development. SnapE, which became EBITDA positive in January 2025, has scaled its EV fleet to more than 1,100 cars, clocking over 3.2 million rides with 1.2 million paying users and 1.3 million app downloads. These milestones have translated into ₹120 crore in gross revenue.
The company recently entered Delhi-NCR through a partnership with Rapido, deploying 200 EVs in three months, a venture that turned profitable from Day 1. It now plans to add 1,000 more cars in the next 12 months and 5,000 cabs PAN-India with Rapido over the next two years.
“The demand for clean and sustainable vehicles is growing globally, and ride-hailing is no exception,” said Mitesh Shah, co-founder of IPV. “SnapE is addressing this by offering EV cabs and building a robust infrastructure. Its model is environmentally friendly and financially sustainable, achieving growth without burning cash on customer acquisition or fleet operations.”
Founded by Mayank Bindal, a telecom veteran with a master’s in finance from the University of Glasgow, SnapE differentiates itself with 100% ownership of its EV fleet and an exclusive network of charging point operator (CPO) partners. This enables its “EV as a Service” model, maintaining a 3:1 demand-supply ratio while keeping operating costs 60–70% lower than ICE cabs. The company reports customer acquisition costs at just 0.8% of revenue and 90% rider retention.
Bindal emphasized SnapE’s profitability-first approach: “We’re not just expanding; we’re delivering profitability at scale. With IPV’s backing, SnapE is proving that EV fleet economics work today, not just on projections. This round accelerates our mission to build the backbone of India’s EV mobility vision for 2030—clean, scalable, and built on fundamentals.”
The investment comes amid strong EV adoption trends. India’s EV market, currently valued at $18.3 billion, is projected to grow at a 28.5% CAGR through 2029. By 2030, EVs are expected to make up 40% of the country’s $100 billion auto market, with EV cabs capturing 7% of the ride-hailing sector.
