SnapE Cabs, an electric vehicle mobility company, has secured USD 2.5 million in a bridge round led by Inflection Point Ventures. This infusion of capital will be directed towards leasing new EV cabs, covering operational expenses and enhancing the company's technological product development.

The company has reached a significant financial milestone by achieving EBITDA positivity. This success is underpinned by substantial growth, including a fleet that now exceeds 1,000 electric vehicles. SnapE Cabs has garnered over 1.2 million paying users and facilitated more than 3.2 million rides, culminating in gross revenues of INR 1.20 billion. Its recent strategic expansion into the Delhi market, in partnership with Rapido, has already proven profitable with an initial deployment of 200 cars.

A key to SnapE's competitive edge is its unique operational model, which is based on full ownership of its electric fleet and exclusive partnerships with charge point operators. This ‘EV as a Service’ approach ensures high vehicle availability. The company enjoys operating costs 60-70 percent lower than traditional cabs, allowing for competitive pricing without compromising profitability. Furthermore, SnapE demonstrates remarkable efficiency with a customer acquisition cost of just 0.8 percent of revenue and a 90 percent rider retention rate. Future scalability is anchored in ambitious B2B plans, including a collaboration with Rapido to deploy 5,000 cabs across India within two years.

Founded by Mayank Bindal, an industry veteran with over 15 years of telecom experience and a master’s degree in finance, SnapE Cabs currently operates in Kolkata and is expanding into the Delhi-NCR region. The company supports its operations with its own proprietary charging network.

Mitesh Shah, Co-Founder, Inflection Point Ventures, said, “The demand for clean and sustainable vehicles is growing globally. The ride-hailing platforms are no exception. With an increasing number of people using ride-hailing services, this sector urgently needs a greener alternative. SnapE Cabs is addressing this by not only offering EV cab services but by also building a supportive infrastructure. Its model is both environmentally friendly and financially sustainable, achieving growth without burning cash for customer acquisition, discounts and fleet operations. The recent tie up with Rapido further strengthens the company mission for India’s EV adoption and sustainable goal.”

Mayank Bindal, Founder and CEO, SnapE Cabs, said, “We’re not just expanding; we’re delivering profitability at scale. With IPV backing us in this bridge round, SnapE has already deployed 200 electric cabs in Delhi in the last three months, which have been profitable from day one. 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 empowers other demand aggregators, enhances utilisation and de-risks margins. In a sector built on burns, recent disruptions have created visible white space and squeezed up margins; SnapE is proving that EV fleet economics work today not just on projections. This round accelerates our mission to build the backbone that enables India’s EV mobility vision for 2030 – clean, scalable and built on fundamentals.”

Comments (0)

ADD COMMENT

Link Copied!

The third largest automobile market saw a staggering 2,142,565 units of electric vehicles sold between September 2024 and August 2025, according to data from Vahan Dashboard (excluding Telangana).

The electric vehicle sales in India witnessed mixed sales in August, 2025, according to the same source. Statistics put electric two-wheeler sales at the lead with 104,373 units compared to July’s 103,469 units, followed by four wheelers at 17,387 units from 16,127 units a month earlier and the rest of the pie was goods carriers, buses and three-wheeler cargo carriers.

The dashboard also reported a decline in electric rickshaw sales that dell to 36,962 from 39,782 in July, followed by electric three-wheeler L5 passenger (18,007 from 20,446) and electric carts (6,213 from 6,817).

Nonetheless, the market sentiment about this vehicular segment seems to be strong. Exuding confidence on World EV Day 2025, Deepak Manwani, Head of Operations and Revenue at Yuma Energy, told Motoring Trends, “As India’s automotive sector accelerates towards electrification, the momentum is unmistakable in two- and three-wheelers. What began with fleet use cases is now rapidly entering personal mobility with adoption climbing year-on-year.”

He noted that supportive government policies such as FAME II, the newly launched PM e-DRIVE scheme and state-level EV mandates for EV adoption as well as for charging and swapping infrastructure creation are creating a strong policy tailwind.

There is also an influx of customised financing options for EVs, which is providing further impetus to the two-wheeler and three-wheeler segments. Industry projections indicate that by 2030, nearly 35–40 percent of new two-wheelers and over 50 percent of three-wheelers could be electric with more ambitious scenarios targeting up to 80 percent penetration in these categories.

Sharing the same confidence, Som Kapoor, Partner at EY India, noted, “EVs currently make up about five percent of the market and we’re at an inflection point. Growth is inevitable and the consistent share across different vehicle sizes signals strong policy support from the government. EV adoption will continue to expand as part of the overall auto market.”

He shared that post-pandemic, the Indian automobile market has witnessed stabilised growth at around 3–4 percent, rather than in double digits. With the upcoming GST changes, a boost in small cars and overall volume is expected, especially in the second half of this year.

“In terms of EVs, the two-wheelers segment, which already has a growing momentum, will continue in the path. We expect strong growth in segments where vehicles work on closed routes or where assets are monetised daily, such as three-wheelers and commercial vehicles. These areas will see tremendous adoption,” added Kapoor.

Market command

Despite a modest share in the entire automobile market currently, EVs are expected to gobble at least one-third of the pie. Alluding to this, Manwani noted, “By the end of this decade, we expect electric vehicles to command nearly a third of India’s automotive market with two and three-wheelers at the forefront of this shift. Projections indicate that up to 70–80 percent of new scooters, motorcycles and electric-rickshaws could be electric by 2030, while passenger cars and buses steadily build towards 20–25 percent adoption.”

At the global level, where there are outliers like China and the Nordics leading the EV penetration, India is broadly in line with other major markets and the adoption levels are comparable to its global peers, noted Kapoor.

Furthermore, the torch bearer for EV adoption till the end of the decade is expected to be two-wheelers and three-wheelers. “These are the vehicles that define our cities – scooters weaving through traffic, delivery bikes bringing food to our doors and rickshaws ferrying millions on their daily commutes,” said Manwani.  

He added, “They are the lifeblood of urban mobility, and because they run hard and run often, they are also the first to embrace the undeniable economics of going electric. Cars, meanwhile, will follow steadily, starting with city users and early adopters who see EVs as both aspirational and practical for daily city commutes. And then there are our commercial fleets, buses connecting cities, trucks and vans moving goods across states, slowly but surely shifting to electric because the savings are too big to ignore.”

Another boon for the indigenous industry will be collaborations, according to Kapoor. “As Chinese collaboration opens up, we expect to see technology transfers and joint ventures that can accelerate India’s EV ecosystem. These partnerships will be valuable for scaling both manufacturing and innovation,” he contended.

Drawing on the same lines, Omega Seiki Mobility Chairman Uday Narang noted, “Over the past year, India’s EV sector has moved from experimentation to consolidation with stronger players and sustainable models emerging. EV three-wheelers, both passenger and cargo, along with new-age electric trucks, especially in the 1–1.5 tonne category will be the real growth drivers of this market.”

Commenting on current market domination of EVs, Kazam Chief Executive Officer Akshay Shekhar opined, “India's EV narrative is transitioning from initial curiosity to industrial scale. It is not only from the vehicles but also from charging infrastructure and software orchestration. In the next five years, we anticipate chargers to be as pervasive as fuel pumps for three- and two-wheelers with charging equipment closely integrated into fleet operations, home installations and e-commerce logistics.”

Supply and power

Volks Energie Chief Executive Officer Piyush Goyal opined that the world is moving towards largescale adoption of clean mobility and sustainable energy and that companies in India are feeling that effect.

“What started as a symbolic initiative five years ago, has turned into a global movement today as the world collectively and rapidly moves towards large-scale adoption of clean mobility and sustainable energy. This adoption reflects not only a technological change and preference but also a shift in the societal expectations from the automotive and renewable industries overall. Consumers today demand cleaner and more resilient energy systems,” he stated.

Moreover, the Central Government’s ambitious plans to make the country an export hub can well be extended to electric vehicles. Alluding to the strategy, Kapoor stated, “Our immediate priority should be strengthening the local market. That said, companies like Maruti are already exporting EV models before bringing them to Indian customers. India has the technological capability and manufacturing infrastructure to grow as an export hub over time. Steady progress will be key.”

While he noted that currently the three main challenges for higher penetration are charging infrastructure, consumer mindset shift towards EVs and high upfront cost of ownership, private charging access is seen as a crucial.

“In India, many homes lack dedicated parking slots, making at-home charging challenging. Until that improves, public charging needs significant expansion. Both private and public infrastructure must evolve to support mass adoption,” noted Kapoor.

Another barrier pointed out was the reliance on imported components. According to Manwani, “India is heavily reliant on imported components for its EVs, especially batteries and advanced electronics, which makes India vulnerable to any kind of supply shocks due to changing geo-political scenarios. The current geo-political uncertainties have caused production disruptions in the last six months. And to overcome this, India needs to have a long-term plan to become self-reliant on cell manufacturing, rare earth magnet production as well as cultivating alternative sources of lithium and other metals essential for sustaining India’s EV ecosystem.”

Motwani also added that cell prices have dropped by as much as 40–50 percent in the last 24 months and this has certainly helped spur new demand in India. This has also meant larger battery packs in vehicles, thereby helping reduce range anxiety and making EVs a viable option in a market where charging infrastructure is still catching up.

For swapping players, this has been a boon as reducing cell and battery price means faster asset deployment due to lower capex spend. This has helped drive large scale transformation in commercial mobility in line with the policy push from various quarters.

Kapoor also noted a need to change the direction of incentives. “So far, incentives have largely supported the supply side. We now need demand-side incentives, which are direct benefits to consumers that make EV adoption more attractive,” he said.

Alluding to the growing demand for EVs, Trontek Chief Executive Officer Samrath Singh Kocchar opined, “India's EV ramp-up is being driven by affordable battery prices, policy incentive and fast two-wheeler electrification but true long-term play will be in battery technology, circularity and systems thinking. Over the next five years, we expect major strides in energy density and fast-charging with battery-swapping and modular solutions gaining momentum in fleet operations.”

Comments (0)

ADD COMMENT

Link Copied!

VinFast has officially entered India's burgeoning electric vehicle market with the launch of its two made-in-India premium SUVs, the VF 6 and VF 7, starting at INR 1,649,000 and INR 2,089,000 (ex-showroom), respectively. This strategic introduction represents a significant step in the company's global expansion and underscores its commitment to supporting India's transition towards sustainable mobility. The new models are engineered to meet the specific demands of Indian consumers, combining advanced technology, safety and performance to redefine the premium EV ownership experience.

Designed with Indian families in mind, the VF 6 is a compact SUV that blends a sophisticated design with practical functionality. It is offered in three variants – Earth, Wind and Wind Infinity – each providing a distinct set of features. The model boasts an ARAI-certified range of up to 468 kilometres and supports rapid charging, capable of going from 10 percent to 70 percent battery in approximately 25 minutes. Its spacious interior, generous wheelbase and high ground clearance are tailored for comfort and practicality. Standard and upgraded features across the trims include a large infotainment screen, vegan leather upholstery, ventilated front seats, advanced driver-assistance systems (ADAS) and a comprehensive suite of safety technologies including seven airbags.

The larger VF 7 SUV presents a bold design and is available in five variants, including Earth, Wind, Sky, Wind Infinity and Sky Infinity, with both front-wheel and all-wheel-drive configurations. It offers a choice of two battery packs, with the top-tier model delivering an impressive range of up to 532 kilometres. Performance is a key highlight, with the dual-motor Sky variant accelerating from 0 to 100 kmph in just 5.8 seconds. The VF 7 is equipped with a host of premium amenities as standard, such as a coloured head-up display, panoramic glass roof on Infinity trims, a powerful audio system and sophisticated cabin technology.

To ensure a seamless ownership experience, VinFast is establishing a robust national infrastructure. This includes a planned network of dealer touchpoints and service workshops across 27 cities. The company has also forged key strategic partnerships to provide tailored financing options, a nationwide charging infrastructure and comprehensive after-sales support. A cornerstone of its local commitment is a new state-of-the-art manufacturing facility in Thoothukudi, Tamil Nadu, where the vehicles will be assembled for the domestic market and future export. Leveraging its international experience from operations across North America, Europe and Asia, VinFast is positioned to become a major contributor to India's electric future.

Pham Sanh Chau, CEO of VinFast Asia, said, “Today marks a historic milestone – the launch of cars that are not just made in India, but made by Indians, for Indians. We are introducing a complete electric mobility ecosystem thoughtfully designed for Indian families. The VF 6 and VF 7 embody the perfect harmony of practical design, premium quality and cutting-edge technology that Indian consumers aspire to. Backed by our state-of-the-art Thoothukudi facility and strong ecosystem partnerships, we are committed to supporting India’s vision of becoming a global leader in electric mobility.”

Comments (0)

ADD COMMENT

Link Copied!

VE Commercial Vehicles Limited (VECV), a joint venture between the Volvo Group and Eicher Motors, has inked a Memorandum of Understanding (MoU) with Jio‑bp pulse to expand and streamline charging access for its electric commercial vehicle customers.

As part of the understanding, all Eicher Trucks and Buses’ EV customers will now get seamless access to Jio‑bp’s network of over 6,000 charging points across India.

Jio-bp, the fuel retail joint venture of Reliance Industries and bp, operates under the brand name of Jio-bp pulse in the electric mobility space, which has established itself as one of the largest and fastest growing EV charging networks in India.

The aim of the partnership is to accelerate the adoption of electric commercial vehicles and provide peace-of-mind to customers for charging network anxiety. Under the agreement, VECV has integrated public charging network discoverability directly on the My Eicher fleet management app, which provides CV customers seamless discovery on EV chargers around them.

Vinod Aggarwal, Managing Director and CEO, VECV, said, “The MoU with Jio‑bp pulse represents a major milestone in our journey to electrify trucking in India. By integrating Jio-bp pulse’s extensive charging network into our My Eicher app, we are resolving a critical barrier to electric fleet adoption by facilitating seamless access to high‑power chargers wherever our vehicles operate. The collaboration between VECV and Jio-bp pulse will accelerate the transition to zero‑emission logistics, ensuring our customers can confidently embrace electric mobility at scale.”

Sarthak Behuria, Chairman, Jio-bp, said, “Collaboration between Jio-bp and VECV represents a significant step forward in our vision to transform India’s mobility landscape. Electric mobility is a cornerstone of this transformation, and this partnership plays a pivotal role in electrifying the critical trucking sector and driving EV adoption among fleet operators. Every such alliance brings us closer to realizing the Government’s ambitious goal of widespread electric vehicle adoption across the country.”

Comments (0)

ADD COMMENT

Link Copied!

Hyundai Motor India (HMIL) is expanding its Creta Electric lineup with three new variants: the Creta Electric Excellence, the Creta Electric Executive Tech and the Creta Electric Executive (O).

This expansion aims to make electric vehicles more accessible to a wider audience by offering more choices and features. The new variants also address a key concern for EV owners by significantly increasing the driving range.

The Creta Electric will now be available with two battery pack options:

• A 42 kWh battery with a claimed driving range of 420 km.
• A 51.4 kWh battery with a claimed driving range of 510 km.

In addition, the Creta Electric is now equipped with wireless Apple CarPlay and Android Auto via a wired-to-wireless adapter. Additionally, higher-end trims will offer a dashcam and rear wireless charging.

The new variants also introduce specific features:

• The Excellence trim (42 kWh) comes with advanced driver-assistance systems (ADAS), a surround-view monitor, an electric driver and passenger seat and ventilated front seats.
• The Executive Tech trim (42 kWh) adds a voice-enabled panoramic sunroof and ventilated front seats.
• The Executive (O) trim (51.4 kWh) also features a voice-enabled panoramic sunroof.

Hyundai is also introducing two new colour options for the Creta Electric: Matte Black and Shadow Grey.

Tarun Garg, Whole-Time Director and Chief Operating Officer, Hyundai Motor India, said, “We are thrilled to elevate our commitment to innovation by advancing our electric offering, the Creta Electric. The launch of new variants and high driving range in the Creta Electric marks a bold step forward, capturing the spirit of today’s aspirational and new-age customers. Each variant has been meticulously designed to meet the evolving needs of modern customers. Further, the high driving range across both battery packs underscores our dedication to delivering an exceptional electric driving experience, seamlessly blending cutting-edge technology with convenience. As the festive season gains momentum, these new offerings empower families to embark on journeys that are not only meaningful and memorable, but also sustainable.”

Comments (0)

ADD COMMENT

Link Copied!