The electric mobility startup Snap-E Cabs has raised $2.5 million in a bridge round led by Inflection Point Ventures. Angel investors Shish Kharesiya, Praveen Chand, and Jaspreet Kaur are also involved, along with ah! Ventures.
200 cars have been deployed in the last three months thanks to the startup’s pre-Series A funding of $2.5 million from Inflection Point Ventures, which facilitated its entry into Delhi through a partnership with Rapido earlier in February of last year.
The money raised will go toward developing new products, renting out more EVs, and growing the business in Delhi NCR.
Mayank and Mahendra Bindal founded Snap-E Cabs in 2022. It is an EV-first ride-hailing platform that also leases EV vehicles to fleet operators. Snap-E has installed its own infrastructure for EV charging and owns all of its vehicles.
It serves over 1.2 million paying customers and currently operates 1,112 EV vehicles. To close the supply gap in EV ride-hailing, Snap-E intends to add 1,000 more vehicles over the course of the upcoming year. According to the company, in January 2025, EBITDA profitability was attained.
In the cutthroat EV mobility market, Snap-E faces competition from firms like BluSmart, Ola, Uber, Rapido, and Evera Cabs. With exclusive charging stations and complete fleet ownership, Snap-E is pursuing a supply-led infrastructure model in contrast to demand aggregators.
