MyPickup, an urban transit services provider has raised Rs 1.5 crore in Seed Round led by Inflection Point Ventures. The funds will be allocated for development of scheduling algorithms, brand building, and optimisation of operations management.
MyPickup is a subscription based electric auto-rickshaw service provider, with a mission to offer zero cancellations and zero surge pricing.
At scale, it expects to cater to other use cases like on-demand rides using fleet operators and other vehicle classes, while retaining better control over drivers and vehicles through robust SOPs and training to solve driver problems and maintain customer experience.
MyPickup offers solutions with real-time tracking for parents, and 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.”
The startup operates a fleet of 7 electric autos, serving 45 customers and has achieved a monthly run-rate of Rs 1.5 lakh, facilitating 800 rides per month.
Abhijeet Dattatraya Jagtap, Founder and 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."
The Indian commute market, encompassing both school and office segments, currently stands at 7.7 billion and is projected to grow at a robust rate of 13% year-over-year. Assuming this consistent growth, the market size is estimated to reach approximately USD 14 billion, the press release noted.