Snap-E Cabs Raises $2.5 Mn to Steer EV Ride-Hailing Into the Fast Lane

The electric mobility wave in India is accelerating faster than ever, and Kolkata-based Snap-E Cabs is quietly emerging as one of the frontrunners steering this change. At a time when the EV cab ecosystem is going through a churn, the startup has just secured fresh backing to fuel its next phase of growth.

Snap-E Cabs, a subsidiary of Steelman Telecom Limited, has raised $2.5 Mn (about INR 22 Cr) in a bridge round led by Inflection Point Ventures (IPV), with additional participation from ah! Ventures and a group of prominent angel investors including Shish Kharesiya, Praveen Chand, and Jaspreet Kaur.

The fresh infusion of capital will help the startup expand its EV fleet, invest in product development, and strengthen operations in the Delhi NCR market, where demand for sustainable ride-hailing solutions is picking up momentum.

From Kolkata Roots to Scaling Across Cities

Founded in 2022 by Mayank Bindal and Mahendra Bindal, Snap-E Cabs started with a clear vision—redefining urban commute through a fully electric fleet. In just three years, the company has grown from a small fleet of 500 cars in late 2024 to 1,112 electric cars today, with its own charging infrastructure network backing this growth.

What makes Snap-E different is its asset-heavy model—the startup owns 100% of its EV fleet, unlike many competitors who rely heavily on leased vehicles or driver-owned cars. Alongside its cab services, Snap-E also leases EV cars to fleet operators, creating a broader impact on the mobility ecosystem.

Last year, the company raised another $2.5 Mn in pre-Series A funding, also from Inflection Point Ventures, and soon after, it made a bold move—entering Delhi NCR via a strategic partnership with Rapido. Within three months, Snap-E deployed 200 EVs in Delhi, and now, it is preparing to add another 1,000 cars in the next 12 months.

But for CEO Mayank Bindal, this expansion is not about chasing vanity growth numbers. “Over the next 12 months, we’re adding another 1,000 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 that empowers other demand aggregators, enhances utilisation, and de-risks margins,” Bindal shared.

Building Profitability Into Growth

One of Snap-E’s biggest milestones came in January 2025, when the company announced that it had achieved EBITDA profitability. With over 1.2 million paying users, the startup has managed to combine scale with sustainability, something that continues to challenge even the larger ride-hailing giants.

The company has also invested heavily in creating an exclusive hub of charging point operators (CPOs), ensuring that its cars are never constrained by charging infrastructure—a pain point that has plagued many EV operators in the past.

The Bigger Picture: India’s EV Ride-Hailing White Space

The timing couldn’t be more crucial for Snap-E. The Indian EV cab industry is in flux, with some players scaling up while others exit the market.

Earlier this year, BluSmart, once hailed as the poster child of India’s EV ride-hailing movement, collapsed despite having a fleet of 8,000 cars. Its exit left a gaping hole in the EV commute market, opening up opportunities for nimble players like Snap-E and others.

In fact, Evera Cabs has already raised $4 Mn from Mufin Green Finance and picked up part of BluSmart’s old fleet to fuel its growth and meet carbon reduction goals. Meanwhile, Uber India too is making aggressive moves—partnering with Chennai-based Refex Green Mobility to deploy 1,000 electric cars across major Indian cities by 2026.

The broader EV mobility sector is riding on massive tailwinds. The Indian EV market is projected to touch a staggering $132 Bn by 2030, driven by rising fuel costs, supportive government policies, and growing environmental consciousness among urban commuters.

For Snap-E Cabs, the road ahead looks promising but also fiercely competitive. The collapse of BluSmart has shown that scale without financial discipline can be fatal. At the same time, the demand for sustainable mobility solutions is real and growing.

By staying lean, focusing on supply-side infrastructure, and owning its fleet, Snap-E seems to be carving out a differentiated playbook in India’s EV ride-hailing space. If executed well, the fresh funding could not only help the startup capture market share but also cement its position as one of the key challengers in India’s fast-evolving EV mobility story.

In a market hungry for reliable, clean, and affordable rides, Snap-E’s journey has just shifted into the fast lane.