IPV led Rs 1.5 Cr Seed funding raised by EV ride-hailing startup MyPickup
In a seed funding round headed by Inflection Point Ventures, electric vehicle ride-hailing startup MyPickup has raised Rs 1.5 crore in capital.
According to a press release from MyPickup, the funds will be used for the development of scheduling algorithms, brand building, and operations management optimization.
MyPickup, a subscription-based electric autorickshaw service provider, was founded in 2022 by Abhijeet Dattatraya Jagtap with the goal of offering zero cancellations and zero surge pricing. It deals with the problems of pollution and traffic in large cities.
The Bengaluru-based startup claims that it will use fleet operators and other vehicle classes to accommodate various use cases, such as on-demand rides, while maintaining greater control over drivers and vehicles through standard operating procedures and training to address driver issues and preserve customer experience. The platform plans to release an app for drivers, install safety features like cameras and SOS systems, develop an automated matching algorithm, and provide on-demand services through ONDC platforms.
Based on market analysis, the Indian commute market is expected to reach $14 billion, with a projected growth rate of 13% annually. It is currently valued at $7.7 billion.
MyPickup states that it has a fleet of seven electric cars, serves forty-five customers, records a monthly run-rate of Rs 1.5 lakh, and, with a very low marketing budget, facilitates eight hundred rides monthly.
