Snap-E Cabs
Overview
Snap-E Cabs, a brand owned by EC Wheels India Private Limited and a subsidiary of Steelman Telecom Limited, is a prominent electric vehicle (EV) ride-hailing service in India. Founded in 2022 by Mayank Bindal, Mahendra Bindal, and Jaydip Mukherjee, it is headquartered in Kolkata. Snap-E Cabs has successfully integrated a fully electric cab and charging network, aiming to provide sustainable and affordable mobility solutions in urban environments. The company has raised approximately $2.5 million in funding and has grown to operate a fleet of over 1,100 electric cabs, marking its significant impact on the Indian EV market.
Recent Developments
- September 2025: Snap-E Cabs raised $2.5 million in a bridge funding round led by Inflection Point Ventures to support the expansion of its EV fleet, operational overheads, and product development. The company turned EBITDA positive in January 2025 and launched its operations in the Delhi NCR region through a strategic partnership with Rapido. The partnership was profitable from the onset, deploying 200 cars and planning to add another 1,000 within the next 12 months.
- January 2025: Snap-E Cabs became EBITDA positive, showcasing its scalable and financially sustainable business model. The company reports holding over 1,100 EVs in its fleet and achieving 1.3 million app downloads with over 3.2 million rides completed.
- February 2024: The company secured $2.5 million in pre-Series A funding from Inflection Point Ventures, intending to deploy these funds towards expanding operations to new cities and enhancing its technology infrastructure.
- January 2024: Snap-E Cabs launched a major EV charging hub in Kolkata, featuring 150 charging stations, in partnership with Jio-bp.
- March 2024: At the end of fiscal year 2024, Snap-E Cabs operated 600 EVs and reported an annual recurring revenue (ARR) of 35 crores, emphasizing its strong market position in the EV sector.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2022 |
| Headquarters | Kolkata, India |
| Founders | Mayank Bindal, Mahendra Bindal, Jaydip Mukherjee |
| Revenue | ₹120 crore in gross revenue |
| Profits | EBITDA positive as of January 2025 |
| Key Investors | Inflection Point Ventures |
| Industry | Electric Vehicle Ride-Hailing |
| Number of Employees | 3246 as of March 2025 |
Early History
Snap-E Cabs was launched in August 2022 by Mayank and Mahendra Bindal and Jaydip Mukherjee, initially targeting the city of Kolkata with a vision to provide 100% electric ride-hailing services. The founders capitalized on the emerging demand for electric vehicles in urban transport, seeking to reduce carbon emissions. Snap-E's early operations benefited from strategic partnerships, including alliances with financial and charger network partners. The company started with a mix of own and leased vehicles, quickly gaining market traction through its distinctive value propositions like 'no cancellation' and 'no surge pricing' policies. Early funding and strategic use of bootstrapped resources supported Snap-E's initial growth phase.
Company Profile and Achievements
Snap-E Cabs operates a fully electric fleet and owns an exclusive network of charging partners, which is vital in maintaining its competitive edge. The company's business model focuses on both B2B and B2C segments, offering reliable and affordable eco-friendly ride-hailing services.
- Milestones
- Achieved EBITDA profitability in January 2025, demonstrating financial sustainability.
- Expanded fleet from 500 EVs in late 2024 to over 1,100 by late 2025.
- Completed over 3.2 million rides, reaching more than 1.2 million users.
- Entered the Delhi market with 200 vehicles due to the partnership with Rapido.
- Developed a large EV charging hub with Jio-bp in Kolkata.
- Strategic Moves
- Focus on asset-heavy model by owning 100% of its EV fleet.
- Partnerships with technology and infrastructure companies to enhance service efficiency and outreach.
Current Operations and Market Position
Snap-E Cabs operates primarily in Kolkata and the Delhi NCR region, striving to expand its reach into more cities within India. The company's current operations leverage its fully electric fleet to offer cost-effective and environmentally sustainable cab services. Strategic partnerships, like the one with Rapido, help in enhancing its market position. With operating costs significantly lower than traditional cab services and innovative policies, Snap-E maintains strong market retention and customer satisfaction. The company is considered an early mover in the Indian EV ride-hailing market and is working to scale up its operations across more regions.
Conclusion
Snap-E Cabs has established itself as a leading player in India's electric ride-hailing market, driven by its commitment to sustainability and efficiency. The company has made significant strides in expanding its fleet, optimizing its financial models, and enhancing operational infrastructure. With strategic funding and partnerships, Snap-E's future appears bright, with plans to penetrate more cities and increase its EV fleet significantly. As India's EV market continues to grow, Snap-E Cabs is well-positioned to contribute significantly to the country’s sustainable transport initiatives.