In a seed round headed by Inflection Point Ventures, MyPickup, an IPV Ideaschool startup and urban transit services provider, raised INR 1.5 crore. This investment is a component of IPV’s program to assist concepts that have a lot of promise for innovation and impact at an early stage. Startups receive funding, coaching, and resources they need through IPV Ideaschool to turn their concepts into marketable products.
The money will go toward creating a brand, improving operations management, and developing scheduling algorithms.
The goal of subscription-based electric autorickshaw service provider MyPickup is to deliver zero surge pricing and zero cancellations. The firm aims to build a cleaner, more dependable, and efficient transportation environment for everyone, going beyond simple convenience by addressing issues of urban congestion and pollution in major cities.
These advantages highlight its potential to revolutionize urban transportation by providing dependable and ecologically friendly substitutes.
At scale, it hopes to support more use cases, such as fleet operators and different vehicle classes for on-demand trips, while maintaining greater control over drivers and cars through strong standard operating procedures and training to address driver issues and preserve customer satisfaction.
Abhijeet Dattatraya Jagtap, Founder and CEO, is an MBA graduate from IIM Calcutta has a distinguished career marked by significant achievements in sales, P&L management, and marketing across prominent organizations such as Pharmeasy, Flipkart and Bosch.
Ankur Mittal, Co- Founder, Inflection Point Ventures says, “Urban cities in India share challenges like pollution, high commuting costs, frequent cancellations, and expensive transportation for school children. Recognizing these issues, MyPickup offers solutions with real-time tracking for parents, EV vehicles to combat pollution, and zero-cancellation and zero-surge pricing policies. They also plan to develop an automated matching algorithm, install safety features like cameras and SOS systems, offer on-demand services through ONDC platforms, and release an exclusive app for drivers. These initiatives build trust and position MyPickup as a promising startup addressing urban problems.”
As of May 2024, MyPickup has demonstrated impressive growth and operational efficiency in the sustainable mobility sector. Currently, the startup operates a fleet of 7 electric autos, serving 45 customers.
It has achieved a monthly run-rate of INR 1.5 lakh, facilitating 800 rides per month with a minimal marketing budget, looks to scale by increasing the fleet size and efficiency per vehicle to penetrate large societies/apartment complexes within a few micro markets in a city for office and school rides.
Abhijeet Dattatraya Jagtap, Founder & CEO, MyPickup, says, “As city-dwellers in India face mounting stress from congestion and pollution, MyPickup is dedicated to alleviating these challenges. By offering shared, reliable, and electric commute solutions for officegoers and school children, we are committed to scaling our impact in reducing urban congestion and emissions. Our mission is to provide sustainable mobility options that not only improve daily commutes but also contribute to a cleaner and healthier environment for all.”
The Indian Commute Market for Schools and Offices
The Indian commute market, which includes the school and office segments, is expected to increase at a healthy pace of 13% year over year, with a present market value of $7.7 billion.
