This funding will fuel the development of advanced scheduling algorithms, a user-friendly mobile app, and brand enhancement. Inflection Point Ventures, backing over 200 startups with over INR 720 Cr, leads this seed round.
MyPickup, an urban transit services provider and an IPV Ideaschool startup, has successfully raised INR 1.5 Crore in a Seed Round led by Inflection Point Ventures (IPV). The investment is part of IPV’s initiative to nurture early-stage startups demonstrating high potential for innovation and societal impact. As a recipient of IPV Ideaschool’s support, MyPickup will benefit from funding, mentorship, and resources essential for transforming pioneering ideas into market-ready products.
The newly acquired funds are earmarked for developing advanced scheduling algorithms, enhancing the brand, and optimising operations management. MyPickup operates a subscription-based electric auto-rickshaw service that offers dependable transportation without cancellations or surge pricing. The company’s broader mission tackles urban challenges like congestion and pollution, aiming to foster a cleaner, efficient, and reliable urban transportation ecosystem.
The startup was founded by Abhijeet Dattatraya Jagtap, an MBA graduate from IIM Calcutta with a notable career spanning sales, P&L management, and marketing across significant firms including Pharmeasy, Flipkart, and Bosch. Ankur Mittal, Co-Founder of Inflection Point Ventures, highlighted the urban challenges of pollution, high commuting costs, and unreliable transportation that MyPickup seeks to address. The startup’s offerings include real-time tracking for parents, pollution-reducing electric vehicles, and innovative features such as an automated matching algorithm, safety cameras, SOS systems, on-demand services via ONDC platforms, and a dedicated driver app.
As of May 2024, MyPickup has shown substantial growth and efficiency in the sustainable mobility sector. It currently operates a fleet of 7 electric autos and serves 45 customers. With a monthly run rate of INR 1.5 lakh and facilitating 800 rides, the startup plans to expand by increasing its fleet size and improving vehicle efficiency. This expansion aims to penetrate micro markets within cities for office and school commutes.
With the Indian commute market valued at $7.7 billion and projected to grow at a rate of 13% annually, MyPickup is strategically poised to leverage these trends with its focus on sustainable mobility solutions, thus meeting the evolving needs of the dynamic market.
