SnapE Cabs, an electric mobility startup, has raised $2.5 million in a bridge funding round led by Inflection Point Ventures.
The round also included ah! Ventures and angel investors Shish Kharesiya, Praveen Chand, and Jaspreet Kaur.
The startup will use the funds to develop its products, add more EV cars for lease, and expand operations in the Delhi NCR region.
In February last year, SnapE Cabs raised $2.5 million in pre-Series A funding from Inflection Point Ventures.
This funding helped the startup enter the Delhi market through a partnership with Rapido, and it has deployed 200 cars in the past three months.
Mayank Bindal, Founder and CEO, SnapE Cabs, commented, “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.”
“This round accelerates our mission to build the backbone that enables India’s EV mobility vision for 2030; clean, scalable, and built on fundamentals,” he added.
Mitesh Shah, Co-founder, 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 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.”
SnapE Cabs was founded in 2022 by Mayank Bindal and Mahendra Bindal. It is an EV-first ride-hailing platform that also leases electric vehicles to fleet operators. The company owns its entire fleet and has built its own charging network.
Currently, SnapE Cabs operates 1,112 EVs and serves over 1.2 million paying users. Over the next year, it plans to add 1,000 more cars to meet growing demand. The company also reported that it became EBITDA profitable in January 2025.
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