After three years in operation, MyPickup, an Inflection Point Ventures (IPV)-backed subscription-based electric mobility startup, has shut down. The company’s primary reasons for closing were difficulties in reaching product-market fit (PMF) and restricted access to patient capital.
Abhijeet Jagtap founded MyPickup in February 2023. It provided subscription-based electric autorickshaw services, enabling commuters to schedule rides on a weekly or monthly basis with no surge pricing or cancellations. For everyday commuters, the model was created to offer reliable service and predictable fares.
Nevertheless, the business experienced four pivots and scale issues during off-peak periods, which Jagtap claims did not result in the desired customer experience.
Despite having a high 80% retention rate, MyPickup only had 19 cars operating as of May 2025, completed approximately 4,000 rides per month, and had fewer than 100 subscribers. However, these metrics were insufficiently strong to draw in institutional investors for a more extensive funding round.
In July 2024, Inflection Point Ventures invested $179,000 in the startup’s seed round, which allowed it to continue operating for a year. A lack of long-term funding and slower-than-anticipated traction ultimately brought on the shutdown.
