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. The funds will be used to develop scheduling algorithms, build the brand, and optimize operations management, according to a press release from MyPickup.
Founded in 2022 by Abhijeet Dattatraya Jagtap, MyPickup is a subscription-based electric auto-rickshaw service provider. The company aims to eliminate cancellations and surge pricing, addressing urban congestion and pollution in major cities.
The Bengaluru-based startup plans to expand its services to include on-demand rides using fleet operators and other vehicle classes. By implementing standard operating procedures and training, MyPickup aims to maintain better control over drivers and vehicles, ensuring a high-quality customer experience. The platform will also develop an automated matching algorithm, install safety features like cameras and SOS systems, offer on-demand services through ONDC platforms, and launch an app for drivers.
Market research indicates that the Indian commute market is currently valued at $7.7 billion and is projected to grow at an annual rate of 13%, potentially reaching $14 billion. MyPickup currently operates a fleet of 7 electric autos, serving 45 customers, with a monthly revenue of Rs 1.5 lakh and facilitating 800 rides per month, all with minimal marketing expenses.
