EV-Ride-hailing startup MyPickup raises INR 1.5 Crore in Seed Round led by Inflection Point Ventures

MyPickup, an urban transit services provider and an IPV Ideaschool startup has raised INR 1.5 Crore in Seed Round led by Inflection Point Ventures. This investment comes as part of IPV's initiative to support early-stage ideas with high potential for innovation and impact. Through IPV Ideaschool, startups receive funding, mentorship, and resources to transform their ideas into viable products. The funds will be allocated for the development of scheduling algorithms, brand building, and optimization of operations management.

MyPickup is a subscription-based electric auto-rickshaw service provider, with a mission to offer zero cancellations and zero surge pricing. The company’s mission extends beyond convenience, as it addresses urban congestion and pollution challenges in major cities, striving to create a cleaner, more efficient, and reliable transportation ecosystem for all. These strengths underscore its potential to redefine urban transportation with reliable and environmentally conscious alternatives. At scale, it expects to cater to other use cases like on-demand rides using fleet operators & other vehicle classes, while retaining better control over drivers and vehicles through robust SOPs and training to solve driver problems and maintain customer experience.

Ankur Mittal, Co-founder, of Inflection Point Ventures says, “Urban cities in India share challenges like pollution, high commuting costs, frequent cancellations, and expensive transportation for school children. Recognizing these issues, MyPickup offers solutions with real-time tracking for parents, and EV vehicles to combat pollution, and zero-cancellation and zero-surge pricing policies.”

As of May 2024, MyPickup has demonstrated impressive growth and operational efficiency in the sustainable mobility sector. Currently, the startup operates a fleet of 7 electric autos, serving 45 customers. It has achieved a monthly run-rate of INR 1.5 lakh, facilitating 800 rides per month with a minimal marketing budget, and looks to scale by increasing the fleet size and efficiency per vehicle to penetrate large societies/apartment complexes within a few micro markets in a city for office and school rides.

Abhijeet Dattatraya Jagtap, Founder & CEO, of MyPickup, says, “As city-dwellers in India face mounting stress from congestion and pollution, MyPickup is dedicated to alleviating these challenges. By offering shared, reliable, and electric commute solutions for office-goers and school children, we are committed to scaling our impact in reducing urban congestion and emissions.”

The Indian commute market, encompassing both school and office segments, currently stands at $7.7 billion and is projected to grow at a robust rate of 13% year-over-year. Assuming this consistent growth, the market size is estimated to reach approximately $14 billion. My Pickup, with its focus on sustainable mobility solutions, is strategically positioned to capitalize on these trends, offering innovative services that meet the evolving demands of this dynamic market.