MyPickup, an urban transit services provider and a startup from IPV Ideaschool, has successfully raised INR 1.5 Crore in a Seed Round led by Inflection Point Ventures (IPV). This funding initiative is part of IPV’s strategy to support early-stage startups with high innovation and impact potential. Through IPV Ideaschool, startups gain access to funding, mentorship, and essential resources to bring their ideas to fruition.
The funds will be allocated towards developing advanced scheduling algorithms, enhancing brand visibility, and optimizing operations management. MyPickup operates a subscription-based electric auto-rickshaw service aiming to provide zero cancellations and zero surge pricing. The company’s mission not only focuses on convenience but also on tackling urban congestion and pollution in major cities. By offering reliable and eco-friendly transportation, MyPickup aims to redefine urban mobility.
Abhijeet Dattatraya Jagtap, Founder and CEO of MyPickup, holds an MBA from IIM Calcutta and boasts a successful career in sales, P&L management, and marketing with notable companies like Pharmeasy, Flipkart, and Bosch.
Ankur Mittal, Co-Founder of Inflection Point Ventures, stated, “Urban cities in India face challenges such as pollution, high commuting costs, frequent cancellations, and expensive transportation for school children. MyPickup addresses these issues with real-time tracking for parents, electric vehicles to combat pollution, and zero-cancellation and zero-surge pricing policies. Their planned developments include an automated matching algorithm, safety features like cameras and SOS systems, and on-demand services through ONDC platforms. These initiatives build trust and position MyPickup as a promising startup addressing urban problems.”
As of May 2024, MyPickup has shown significant growth in the sustainable mobility sector, operating a fleet of 7 electric autos and serving 45 customers. The startup has achieved a monthly run rate of INR 1.5 lakh, facilitating 800 rides per month with minimal marketing expenditure. MyPickup aims to scale by increasing its fleet size and operational efficiency to serve large residential societies and apartment complexes for office and school rides.
Abhijeet Dattatraya Jagtap commented, “As urban residents in India face increasing stress from congestion and pollution, MyPickup is dedicated to alleviating these challenges. By offering shared, reliable, and electric commute solutions for office-goers and school children, we are committed to scaling our impact on 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, including both school and office segments, is currently valued at $7.7 billion and is projected to grow at a robust rate of 13% year-over-year. This market size is estimated to reach approximately $14 billion. MyPickup, with its focus on sustainable mobility solutions, is strategically positioned to capitalize on these trends, offering innovative services that meet the evolving demands of this dynamic market.
