EV ride-hailing platform MyPickup has bagged Rs 1.5 crore in a seed funding round led by Inflection Point Ventures. The startup shared in a press release that the funds will be deployed for brand building, enhanced operations management, and the development of algorithms.
The startup was founded by Abhijeet Dattatraya Jagtap in 2022. It runs on a subscription basis, offering electric-auto service with goals to resolve pollution, ride cancellation, and price surge issues in urban areas.
The Bengaluru-based startup claims to have a monthly run rate of Rs 1.5 lakh, providing 800 rides a month, and serving 45 customers through its fleet of 7 autos, with zero to negligible marketing cost.
It further plans to expand to on-demand rides through its fleet operators with the addition of other vehicles. The ONDC platforms and app for drivers would also facilitate the on-demand services. The EV startup also aims to facilitate a controlling measure over the drivers and vehicles through training and SOPs to deliver the best-in-quality customer experience. Its algorithm is also undergoing developments to offer safety features such as cameras and SOS systems.
A market research estimates that the Indian transport market’s current value is $7.7 billion which is predicted to grow at a YoY rate of 13% and reach the $14 billion mark in the coming years.
