EV ride-hailing startup MyPickup raises Rs 1.5 crore led by Inflection Point Ventures

MyPickup, an urban transit services provider, has raised Rs 1.5 crore in a seed funding round led by Inflection Point Ventures, a Gurugram-based angel investment firm. 

The investment comes as part of IPV's initiative to support early-stage ideas with high potential for innovation and impact.

MyPickUp is also part of IPV Ideaschool, through which startups receive funding, mentorship, and resources to transform their ideas into viable products.

With this funding, the startup will focus on developing scheduling algorithms, building a brand, and optimizing operations management.

What does MyPickUp do?

MyPickup is a subscription-based electric auto-rickshaw service provider with a mission to offer zero cancellations and zero surge pricing.

The startup addresses urban congestion and pollution challenges in major cities, striving to create a cleaner, more efficient, and reliable transportation ecosystem for all.

At scale, it expects to cater to other use cases, like on-demand rides, using fleet operators and other vehicle classes while retaining better control over drivers and vehicles through robust SOPs and training to solve driver problems and maintain customer experience.

Who is the founder?

Abhijeet Dattatraya Jagtap is the founder and CEO of MyPickUp. Jagtap is an MBA graduate from IIM Calcutta and has a distinguished career marked by significant achievements in sales, P&L management, and marketing across prominent organizations such as Pharmeasy, Flipkart and Bosch.

“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," said Abhijeet Dattatraya Jagtap, Founder & CEO of MyPickup.

"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," Jagtap added.

MyPickUp's market presence 

MyPickup claims to operate a fleet of 7 electric autos, serving 45 customers. It has achieved a monthly run-rate of Rs 1.5 lakh, facilitating 800 rides per month with a minimal marketing budget.

The startup aims to scale by increasing the fleet size and improving efficiency per vehicle to penetrate large societies and apartment complexes within a few micro-markets in the city for office and school rides.

“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," said Ankur Mittal, Co-Founder of Inflection Point Ventures.

"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," Mittal added.