Press Release
Snap-E Cabs, a Kolkata-based electric mobility startup, has raised $2.5 million in a bridge funding round led by Inflection Point Ventures (IPV). Additional participation came from ah! Ventures and angel investors Shish Kharesiya, Praveen Chand, and Jaspreet Kaur.
Founded in 2022 by Mayank and Mahendra Bindal, Snap-E Cabs operates a fully integrated electric mobility platform, combining an EV fleet with its own charging infrastructure. The company has experienced significant growth, operating over 1,100 electric vehicles and completing more than 3.2 million rides. Snap-E Cabs achieved EBITDA positivity in January 2025 and has generated ₹120 crore in gross revenue.
The recent funding will support Snap-E Cabs’ expansion plans in the Delhi-NCR region, including scaling operations, leasing additional electric vehicles, and enhancing product development efforts. The company has already entered the Delhi market through a partnership with Rapido, deploying 200 EVs over the past three months, which has been profitable from the start. Snap-E Cabs plans to add another 1,000 EVs in the next 12 months to meet the growing demand for sustainable transportation options.
Snap-E Cabs’ approach emphasizes a supply-led infrastructure model, focusing on building a robust EV fleet and charging network to ensure consistent service delivery. This strategy has resulted in operating costs that are 60–70% lower than traditional internal combustion engine (ICE) cabs, with a customer acquisition cost of just 0.8% of revenue. Additionally, the company enjoys a high rider retention rate of 90%, underscoring the effectiveness of its business model.
With the Indian electric vehicle market projected to reach $18.3 billion by 2029, Snap-E Cabs is well-positioned to capitalize on the growing demand for sustainable transportation solutions. The company’s strategic focus on expanding its EV fleet and infrastructure aligns with the nation’s goals for clean mobility, paving the way for a greener future in urban transportation.
Source: Entrepreneur and ET Auto
