IPV-backed electric mobility startup MyPickup shuts down

MyPickup, a subscription-based electric mobility startup backed by Inflection Point Ventures (IPV), has shut down operations after three years in business. The company cited challenges in achieving product-market fit (PMF) and lack of access to patient capital as the main reasons for closure.

Founded in February 2023 by Abhijeet Jagtap, MyPickup offered subscription-based electric auto-rickshaw services, allowing commuters to book rides on a weekly or monthly plan with zero cancellations and zero surge pricing. The model was designed to provide predictable fares and reliability for daily commuters.

However, the company struggled with scale during non-peak times and underwent four pivots, which, according to Jagtap, did not deliver the customer experience envisioned. 

As of May 2025, MyPickup was running just 19 vehicles, completing around 4,000 rides per month, and serving fewer than 100 subscribers, albeit with a strong 80% retention rate. These metrics, however, were not compelling enough to attract institutional investors for a larger round of funding.

The startup had raised a $179,000 seed round from Inflection Point Ventures in July 2024, which helped it sustain operations for a year. Ultimately, the lack of long-term capital and slower-than-expected traction forced the shutdown.