SnapE Cabs Secures USD 2.5 Million in Bridge Funding from IPV
SnapE Cabs raised USD 2.5 million in a bridge round led by Inflection Point Ventures, with participation from Ah Ventures and other investors to support EV leasing, product development and operational growth.
September 12, 2025. By News Bureau
Speaking in this regard, 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 by 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.”
The market for Electric Vehicles (EVs) in India is expected to be worth about USD 18.3 Billion by 2029, with a CAGR of 28.5 percent. By 2030, EVs are expected to make up more than 40 percent of India's USD 100 Billion auto market. Electric ride-hailing is also growing quickly; by FY2030, EV cabs are expected to make up about seven percent of the ride-hailing market. Additionally, around 57 percent of Indian consumers now prefer ride-hailing over personal vehicles, signaling strong future demand.
Mayank Bindal, Founder and CEO, SnapE Cabs, said, “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 three months that have been profitable from day one. Over the next 12 months, we’re adding another 1,000 cars, not to chase growth metrics, but to meet a real supply gap left open in the market. Our focus shifts from a demand aggregation to a supply-led infrastructure model that empowers other demand aggregators, enhances utilisation and de-risks margins. In a sector built on burns, recent disruptions have created visible white space and squeezed up margins; SnapE is proving that EV fleet economics work today, not just on projections. This round accelerates our mission to build the backbone that enables India’s EV mobility vision for 2030; clean, scalable, and built on fundamentals.”
SnapE Cabs runs about 1,112 EV cabs, up from about 500 in late 2024 with their built-in network for charging EVs. The company is currently functional in Kolkata and growing into the Delhi-NCR area.
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