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 funds will be allocated towards the development of scheduling algorithms, brand building, and optimization of operations management, according to a press release from MyPickup.
Founded in 2022 by Abhijeet Dattatraya Jagtap, MyPickup offers a subscription-based electric auto-rickshaw service, aiming to deliver zero cancellations and zero surge pricing. The startup addresses urban congestion and pollution challenges 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 (SOPs) and training, MyPickup aims to retain better control over drivers and vehicles, thus solving driver problems and maintaining customer experience. Future developments include an automated matching algorithm, safety features such as cameras and SOS systems, on-demand services through ONDC platforms, and 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 a rate of 13% year-over-year, potentially reaching approximately $14 billion.
MyPickup operates a fleet of seven electric autos, serving 45 customers. The company registers a monthly run-rate of Rs 1.5 lakh, facilitating 800 rides per month with a minimal marketing budget.
