Electric Mobility Startup Snap-E Cabs Raises $2.5 Mn To Expand Its Footprint

Electric mobility startup Snap-E Cabs has raised $2.5 Mn (around INR 22 Cr) in a bridge round led by Inflection Point Ventures. The funding round also saw participation from ah! Ventures and a host of angel investors, including  Shish Kharesiya, Praveen Chand, Jaspreet Kaur, among others.

The Kolkata-based startup plans to deploy the fresh capital for product development, leasing more EV cars, and enhancing its operations in Delhi NCR. 

Founded by Mayank Bindal and Mahendra Bindal in 2022, Snap-E Cabs is a subsidiary of Steelman Telecom Limited. It offers ride-hailing services by deploying electric cars and also leases its cars to fleet operators. The startup claims to operate 1,112 EV cars currently, up from about 500 in late 2024. It also operates its own EV charging infrastructure. 

Last year, Snap-E Cabs raised $2.5 Mn in its pre-Series A funding round from Inflection Point Ventures. Following this, the startup entered the Delhi market through a strategic partnership with Rapido. As part of this partnership, the startup deployed 200 cars in the last 3 months. 

“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,” CEO Bindal said.

The startup owns 100% of its EV fleet and has an exclusive hub of charging point operators (CPO). It is currently operational in Kolkata and Delhi NCR and has more than 1.2 Mn paying users. Snap-E Cabs claims to have achieved EBITDA profitability in January 2025.  

The Indian EV White Space

While the ride-hailing industry in India is forging ahead, led by the likes of Uber, Rapido and Ola, the EV cab space has seen disruptions in recent months. 

The BluSmart fiasco resulted in the EV ride-hailing company shutting its operations. The startup had about 8,000 electric cars in its fleet before its crash in early 2025.

However, other EV ride-hailing companies are looking to take charge of the growth in the segment. Recently, Evera Cabs raised $4 Mn from Mufin Green Finance through a mix of convertible debentures and debt. The startup also acquired some of BluSmart’s fleet to meet its carbon reduction targets. 

Meanwhile, the giants in this segment are also looking to grow their EV fleet network. For instance, Uber India recently partnered with Chennai-based Refex Green Mobility to deploy 1,000 electric cars across key Indian cities by 2026.

Driving this push is the Indian EV market, which is projected to reach the $132 Bn mark by 2030.