Electric vehicle ride-hailing startup MyPickup has secured an investment of Rs 1.5 crore in a seed funding round led by Inflection Point Ventures (IPV).
The fresh capital infusion is set to fuel the development of advanced scheduling algorithms, bolster brand building efforts, and optimize operations management, according to a press release issued by MyPickup.
Founded in 2022 by Abhijeet Dattatraya Jagtap, MyPickup operates as a subscription-based electric auto-rickshaw service provider. The company aims to revolutionize urban transportation by offering zero cancellations and zero surge pricing, directly addressing the challenges of urban congestion and pollution in major cities. MyPickup’s commitment to providing reliable and sustainable transport solutions has positioned it as a promising player in the EV ride-hailing sector.
MyPickup has ambitious plans to expand its services beyond subscription-based rides. The company intends to cater to other use cases, such as on-demand rides using fleet operators and various vehicle classes. By maintaining strict standard operating procedures (SOPs) and providing comprehensive training for drivers, MyPickup aims to enhance driver performance and ensure a superior customer experience.
Key features in development include an automated matching algorithm to efficiently connect passengers with drivers, safety enhancements like cameras and SOS systems, and the provision of on-demand services through the Open Network for Digital Commerce (ONDC) platforms. Additionally, MyPickup is set to launch a dedicated app for drivers, further streamlining operations and improving service delivery.
The Indian commute market, currently valued at $7.7 billion, is projected to grow at a compound annual growth rate (CAGR) of 13%, potentially reaching approximately $14 billion. MyPickup is poised to capture a significant share of this expanding market by leveraging its innovative and sustainable transportation solutions.
The lead investor, Inflection Point Ventures, recognizes the transformative potential of MyPickup in the electric vehicle ride-hailing space. Brijesh Mehta, Co-Founder of IPV, commented, “MyPickup’s innovative approach to urban transportation aligns perfectly with our vision of supporting startups that offer sustainable and scalable solutions. We are excited to partner with MyPickup in their journey to redefine urban mobility.”
With the new funding and strategic support from Inflection Point Ventures, MyPickup is well-positioned to advance its technological capabilities, enhance its service offerings, and expand its market presence. As urban centers continue to grapple with congestion and pollution, MyPickup’s sustainable and customer-centric approach to ride-hailing holds great promise for the future of urban mobility in India.
