IPV leads seed round in EV ride-hailing startup MyPickup

Electric vehicle ride-hailing startup MyPickup has picked up an investment of Rs 1.5 crore in a seed funding round led by Inflection Point Ventures.

The funds will be allocated for development of scheduling algorithms, brand building, and optimization of operations management, MyPickup stated in a press-release.

Launched in 2022 by Abhijeet Dattatraya Jagtap, MyPickup is a subscription based electric auto-rickshaw service provider, aims to offer zero cancellations and zero surge pricing. It addresses urban congestion and pollution challenges in major cities.

According to the Bengaluru-based startup, it plans  to cater to other use cases like on-demand rides using fleet operators & other vehicle classes, while retaining better control over drivers and vehicles through SOPs and training to solve driver problems and maintain customer experience. The platform intends to develop an automated matching algorithm, install safety features like cameras and SOS systems, offer on-demand services through ONDC platforms, and release an app for drivers.

According to market research, the Indian commute market currently stands at $7.7 billion & is projected to grow at a rate of 13% year-over-year, and is estimated to reach approximately $14 billion. 

MyPickup claims to operate a fleet of 7 electric autos, serving 45 customers, registering a monthly run-rate of Rs 1.5 lakh, and facilitating 800 rides per month with a minimal marketing budget.