MyPickup secures INR 1.5 Crore in seed round • EVreporter

MyPickup, an urban transit services provider based in Bangalore and an IPV Ideaschool startup, has secured INR 1.5 Crore in a Seed Round led by Inflection Point Ventures. This investment is part of IPV’s initiative to support early-stage ideas with significant potential for innovation and impact. IPV Ideaschool provides startups with funding, mentorship, and resources to develop viable products. The raised funds will be used for developing scheduling algorithms, brand building, and optimizing operations management.

MyPickup is a subscription-based electric auto-rickshaw service designed for daily commutes, catering to office-goers, school children, and more. Its mission is to provide zero cancellations and zero surge pricing. The company aims to address urban congestion and pollution in major cities, promoting a cleaner and more efficient transportation system. MyPickup plans to scale by introducing on-demand rides using fleet operators and various vehicle classes while maintaining control over drivers and vehicles through standard operating procedures and training programs.

Ankur Mittal, Co- Founder, 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, EV vehicles to combat pollution, and zero-cancellation and zero-surge pricing policies. They also plan to develop an automated matching algorithm, install safety features like cameras and SOS systems, offer on-demand services through ONDC platforms, and release an exclusive app for drivers. These initiatives build trust and position MyPickup as a promising startup addressing urban problems.”

As of May 2024, MyPickup operates a fleet of seven electric autos, serving 45 customers. The company has achieved a monthly run rate of INR 1.5 lakh, facilitating 800 rides per month with a minimal marketing budget, as stated in the company statement. It aims to scale by increasing the fleet size and efficiency per vehicle to penetrate large societies and apartment complexes within a few micro-markets in a city for office and school rides.

Abhijeet Dattatraya Jagtap, Founder & CEO, 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 officegoers and school children, we are committed to scaling our impact in reducing urban congestion and emissions. Our mission is to provide sustainable mobility options that not only improve daily commutes but also contribute to a cleaner and healthier environment for all.”

The Indian commute market, encompassing both school and office segments, currently stands at USD 7.7 billion and is projected to grow at a rate of 13% year-over-year. Assuming this consistent growth, the market size is estimated to reach approximately USD 14 billion. MyPickup is positioned to meet this evolving demands of the sustainable mobility market. Inflection Point Ventures (IPV) has announced the launch of a USD 50 million CAT 2 AIF, Physis Capital, to invest in pre-Series A to Series B growth-stage startups.

Also read: SIDBI grants INR 12.45 crores to ETO Motors to deploy 300 e-3Ws and charging infra