MyPickup, an urban transit services provider and a standout startup from IPV Ideaschool, has successfully raised INR 1.5 Crore in a seed funding round led by Inflection Point Ventures (IPV). This investment is part of IPV’s initiative to back early-stage ideas that hold significant potential for innovation and impact. Through the IPV Ideaschool, startups receive not only funding but also mentorship and resources crucial for transforming innovative ideas into viable products. The newly acquired funds will be directed towards developing scheduling algorithms, building the brand, and optimizing operations management.
Revolutionizing Urban Transit
MyPickup is a subscription-based electric auto-rickshaw service provider with a mission to eliminate cancellations and surge pricing. Beyond convenience, the company aims to address urban congestion and pollution challenges in major cities. By offering reliable and environmentally conscious transportation alternatives, MyPickup seeks to create a cleaner, more efficient, and dependable urban transit ecosystem. The startup’s vision includes expanding to other use cases, such as on-demand rides using fleet operators and various vehicle classes, while maintaining stringent SOPs and training to ensure driver quality and customer satisfaction.
Abhijeet Dattatraya Jagtap, the Founder and CEO of MyPickup, is an MBA graduate from IIM Calcutta with a notable career in sales, P&L management, and marketing at leading organizations like Pharmeasy, Flipkart, and Bosch. Under his leadership, MyPickup aims to redefine urban transportation in India.
Ankur Mittal, Co-Founder of Inflection Point Ventures, highlighted the startup’s strategic initiatives. “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.”
Impressive Growth and Operational Efficiency
As of May 2024, MyPickup has demonstrated significant growth and operational efficiency in the sustainable mobility sector. The startup operates a fleet of seven electric autos, serving 45 customers and achieving a monthly run-rate of INR 1.5 lakh. Facilitating 800 rides per month with a minimal marketing budget, MyPickup aims to scale by increasing fleet size and efficiency per vehicle, targeting large societies and apartment complexes within micro markets in cities for office and school rides.
Abhijeet Dattatraya Jagtap, Founder and CEO of MyPickup, expressed the company’s dedication to addressing urban congestion and pollution. “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.”
Market Potential and Future Outlook
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 $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.
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