Electric ride-hailing operator SnapE Cabs has raised $2.5 million in a bridge round led by Inflection Point Ventures (IPV). The company said the capital will go toward leasing EVs, meeting operating costs, and product development. Other participants include Ah! Ventures and individual investors Shish Kharesiya, Praveen Chand and Jaspreet Kaur.
The funding comes on the back of SnapE’s push toward profitability. The company reported turning EBITDA-positive in January 2025, growing its EV fleet to over 1,100 cabs, up from around 500 in late 2024, supported by its in-house charging network. It has crossed 1.2 million paying users, 1.3 million app downloads, and completed more than 3.2 million rides, with gross revenue of ₹120 crore.
Delhi expansion via Rapido
SnapE has entered Delhi through a strategic partnership with Rapido, deploying 200 electric cabs in three months; management says the cohort has been profitable from day one. The company plans to add another 1,000 cars over the next 12 months.
“We are not just expanding; we are delivering profitability at scale,” founder and CEO Mayank Bindal said, adding that SnapE’s “supply-led infrastructure model” is designed to improve utilization and de-risk margins while supporting India’s 2030 EV mobility goals.
Investor view on SnapE Cabs
“The demand for clean and sustainable mobility is rising across the globe,” said Mitesh Shah, co-founder of IPV. “By offering a fully electric fleet, supported by infrastructure and sustainable unit economics, SnapE is proving that EV cab services can thrive without burning cash.”
Unit economics and operating model
SnapE says it owns 100% of its EV fleet in India and works with an exclusive hub of charging partners, operating “EV-as-a-Service” to keep supply ahead of demand. The company claims operating costs are 60–70% lower than ICE fleets, a 3:1 demand-supply ratio, 90% rider retention, and customer acquisition costs near 0.8% of revenue. It has also outlined a collaboration with Rapido to deploy 5,000 EVs across India over the next two years.
According to the company’s estimates cited in trade coverage, India’s EV industry could reach $18.3 billion by 2029 (28.5% CAGR). By 2030, EVs are projected to account for roughly 40% of the country’s $100 billion auto sector, with EV cabs forming an estimated 7% of ride-hailing, supported by shifting consumer preferences toward on-demand mobility.
The bridge round underscores investor confidence in SnapE’s operating discipline, EBITDA-positive performance, measured fleet expansion, and a partner-led market entry in Delhi. The next test will be whether unit economics hold as the company executes on a larger, pan-India scale up.
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