Business closure announced for MyPickup, with founder admitting insufficient funding for bringing their concept to life.
In a recent announcement, electric mobility startup MyPickup, founded by Abhijeet Jagtap in February 2023, has ceased operations after nearly three years. The startup, which offered a subscription model for electric auto-rickshaw rides, struggled to find a product-market fit during non-peak hours and lacked access to patient capital.
MyPickup's first investor was Arvind, and it was subsequently backed by Inflection Point Ventures (IPV). Abhijeet Jagtap, the founder, raised Rs 1.5 crore in seed funding from IPV in July 2024, which sustained the company's operations for about a year.
Despite the challenges, customers valued the service, with MyPickup completing about 4,000 rides per month at its peak, using just 19 vehicles and approximately 100 subscribers. The subscription model allowed for weekly or monthly plans with no cancellations and no surge pricing, and the startup maintained a retention rate above 80%.
Jagtap reflected on the difficulties of scaling a mobility startup in India and noted that ride-hailing, mobility, EVs, and public transport infrastructure are at the cusp of transformation in Indian cities. He also thanked Ankur Mittal and Mitesh Shah, co-founders of Inflection Point Ventures, for their trust in MyPickup.
Varun P. and Saion were core team members of MyPickup. Jagtap stated that building a "real" business in India is tough but exciting, and he plans to utilize the learnings from MyPickup in his future endeavors.
Policy, climate change, innovation, and capital will shape the future of infrastructure in Indian cities, and it remains to be seen how the lessons from MyPickup's journey will contribute to this transformation.
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