Snap-E Cabs Leads India's Electric Mobility Wave, Achieves Profitability
Snap-E Cabs, a Kolkata-based startup, has emerged as a leader in India's electric mobility wave. The company, founded in 2022, has grown its fleet from 500 electric cars to 1,112 today, achieving EBITDA profitability with over 1.2 million paying users.
Snap-E Cabs' growth is driven by its unique business model. Unlike competitors, Snap-E owns 100% of its EV fleet, ensuring quality and control. The company has also invested heavily in creating an exclusive network of charging point operators (CPOs) for its cars.
Snap-E's impact extends beyond its own fleet. It leases EV cars to fleet operators, fostering a broader shift towards electric mobility. The company's success has attracted notable investors, including Zishaan Hayath and Ankit Gupta, who joined a bridge financing round led by Inflection Point Ventures, raising $2.5 Mn.
Snap-E plans to use the fresh capital to expand its EV fleet, invest in product development, and strengthen operations in Delhi NCR. This expansion comes amidst a dynamic Indian EV cab industry, where some players are scaling up while others exit the market, presenting opportunities for Snap-E Cabs.
Snap-E Cabs' growth story is a testament to its innovative business model and commitment to electric mobility. With its own charging infrastructure, owned fleet, and strategic investments, Snap-E is well-positioned to capitalize on the opportunities in India's evolving EV cab industry.
