"MyPickup Ceases Operations; Founder Admits Insufficient Capital Estimation for Execution of Idea"
In a recent statement, Abhijeet Jagtap, the founder of electric mobility startup MyPickup, announced that the company has ceased operations. MyPickup, which was founded in February 2023, offered a subscription model for electric auto-rickshaw rides and aimed to revolutionise the mobility landscape in Indian cities.
Jagtap reflected on the challenges of scaling a startup in India, noting that a lot of effort and genuine long-term strategic thinking is needed to keep Indian cities from crumbling under their own weight. He thanked his team, including core team members Varun P. and Saion, as well as first investor Arvind, for backing the venture.
MyPickup struggled to find a product-market fit during non-peak hours, and despite maintaining a retention rate above 80%, the numbers were not compelling enough for institutional investors to fund the business without concerns over financial sustainability. The startup lacked access to patient capital, long-term investment that does not demand quick returns.
The seed funding sustained MyPickup's operations for about a year, and in July 2024, Jagtap raised Rs 1.5 crore in seed funding from Inflection Point Ventures (IPV). He thanked IPV's co-founders, Ankur Mittal and Mitesh Shah, for their trust. However, the funding was not enough to sustain the startup in the long run.
At its peak in May 2025, MyPickup was completing approximately 4,000 rides per month with 19 vehicles and about 100 subscribers. Despite the success, Jagtap underestimated the time to product-market fit and capital requirements. He expressed that building a 'real' business in India is tough but it is one of the most exciting things an entrepreneur could do in their life. He also stated that the learnings from the past 2.5 years are extraordinary and he plans to fully utilize them in his future.
Jagtap noted that ride-hailing, mobility, EVs, and public transport infrastructure are at the cusp of transformation in Indian cities. He stated that policy, climate change, innovation, and capital will shape the future of infrastructure in Indian cities. He thanked his colleagues for making sacrifices beyond what he expected.
The name of the first institutional investor who invested in MyPickup in a funding round is Speedinvest. MyPickup offered a unique service that customers valued, but the startup's journey ultimately came to an end due to financial challenges. Jagtap remains optimistic about the future of electric mobility in India and plans to apply the lessons he learned from MyPickup to his future ventures.
Read also:
- Transforming Digital Inventories in the Food Industry: A Comprehensive Guide for Food Businesses
- Munich Airport Unveils Its New Electrical Vehicle Charging Parksite
- Vehicle electrification and bidirectional charging technologies could potentially reduce EU energy expenses by a staggering €22 billion annually by the year 2040.
- 1. Key Points for August 14: Gathering in Alaska, Immigration Enforcement (ICE), Financial service Zelle, Infowars, and Air Canada Airline Incidents
