MyPickup shuts down; Founder says, 'I underestimated capital requirements for executing such an idea'

MyPickup, a subscription-based electric mobility startup backed by Inflection Point Ventures (IPV), has ceased operations after nearly three years, underscoring the challenges young companies face in securing patient capital while navigating a competitive ride-hailing market.

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Founded in February 2023 by Abhijeet Jagtap, MyPickup offered a subscription model for electric auto-rickshaw rides, allowing commuters to book weekly or monthly plans with zero cancellations and no surge pricing. The model was designed to provide predictability and reliability for daily commuters, setting it apart from conventional ride-hailing services.

Despite the promise, the startup struggled to find a product-market fit during non-peak hours.

“As a founder, I underestimated the time to PMF and capital requirements for executing such an idea. Our 4 pivots also did not give the level customer experience we wanted to create,” Jagtap said in a LinkedIn post announcing the closure.

He noted that the startup lacked access to patient capital, long-term investment that does not demand quick returns, necessary to reach scale.

At its peak in May 2025, MyPickup was completing about 4,000 rides per month with just 19 vehicles and about 100 subscribers, maintaining a retention rate above 80%.

While customers valued the service, Jagtap said the numbers were not compelling enough for institutional investors to fund the business without concerns over financial sustainability.

“Our customers loved us and built their routines around MyPickup. Unfortunately, these numbers were not attractive enough for an institutional round which was required to build this idea without runway anxiety,” he said.

The startup had earlier raised Rs 1.5 crore in seed funding from IPV in July 2024, which sustained operations for about a year. 

Jagtap credited his team and early supporters, including core team members Varun P. and Saion, as well as first investor Arvind, for backing the venture.

He said the sacrifices made by his colleagues were beyond what he expected when he started. In his note, Jagtap also thanked Inflection Point Ventures' co-founders, Ankur Mittal and Mitesh Shah, for their trust, while reflecting on the difficulties of scaling a mobility startup in India. 

“Ride-hailing, Mobility, EVs and public transport infrastructure are at the cusp of transformation. Policy, Climate change, Innovation & Capital will shape the future of infrastructure in Indian cities. Lot of effort & genuine long-term strategic thinking is needed just to keeping these cities from crumbling under their own weight,” he noted.

“Finally, I would say building a "real" business in India is tough but it is one of the most exciting things you could do in your life and as an entrepreneur your job is to keep on trying. The learnings from the past 2.5 yrs are extraordinary and I plan to fully utilize them in my future,” Jagtap added.