MyPickup is an EV startup that offers electric Vehicle riding services to its users. The company secured Rs 1.5 crore in its seed funding round from Inflection Point Ventures. The funding round involved several new and existing investors. The company plans to use these fresh proceeds to develop scheduling algorithms, scale operations, build brand brands, expand the market, and optimize operation management. We are discussing EV ride-hailing startup MyPickup secured Rs 1.5 crore in its seed funding round led by IPV.
We are discussing EV ride-hailing startup MyPickup secured Rs 1.5 crore in its seed funding round led by IPV:
This EV startup offers electric Vehicles for pickup and drop services. The company provides subscription-based electric vehicle or auto-rickshaw services. The primary aim of the platform is to provide zero cancellations and no increase in pricing. The startup addresses pollution and environmental challenges across India. MyPickup will utilize some of this investment to scale up its services and electric vehicles. This funding will help them scale up operations and strengthen their position in the global EV market.
The Bengaluru startup plans to meet other use cases, including on-demand rides, while having control over drivers and vehicles through SOPsto solve driver problems and maintain a better user experience. The platform is also working on creating automated matching algorithms and adding other features like a camera and SOS system.
The company intends to offer a separate application for drivers and on-demand services through the ONDC platform. The startup gives EV solutions to connect drivers and riders through its platform. The amount raised during this round will be used to develop more efficient EV solutions for market expansion, operation management, and technical advancement to increase the performance capability of the platform the EV startup claims to operate seven electric autos serving 45 customers. The platform reported a monthly run-rate of Rs 1.5 lakh with 800 rides per month at affordable pricing and a minimal market budget.
According to market research, the Indian EV ride-hailing sector currently stands at 7.7 billion USD and is predicted to grow at 13 percent year-on-year. The Indian commute market is expected to reach over 14 billion USD in upcoming years. The co-founder of IPV, Ankur Mittal, mentioned that the urban cities in India face challenges like pollution, frequent cancellations, and high transportation prices. MyPickup offers solutions to all these challenges by offering pollution-free riding services and zero cancellations. The application also provides GPS tracking to give parents real-time updates on children.
Conclusion
MyPickup is an electric vehicle ride-offering startup that secured Rs 1.5 crore in its seed funding round led by IPV. The startup intends to use this fresh capital to develop scheduling algorithms, enhance brand presence, and optimize operation management. The startup provides subscription-based auto rickshaw services that aim for zero cancellations and no increase in pricing while addressing pollution challenges across India. The Bengaluru-based company plans to develop automated matching algorithms and features, including cameras and SOS systems, to enhance safety and user experience. The company announced its monthly run rate of Rs 1.5 lakh, with 800 rides each month. The development came just after investors increased their interest in the EV sector.
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