Indian EV mobility startup MyPickup, backed by Inflection Point Ventures, has announced its closure about three years after its launch. The company was known for offering subscription-based electric auto-rickshaw services, where commuters could book rides on a weekly or monthly basis.
Founder Abhijeet Jagtap explained that MyPickup struggled to secure the long-term investment needed to achieve product-market fit. He added that despite trying multiple pivots, the business could not deliver the expected customer experience.
By May 2025, MyPickup had a fleet of 19 vehicles and was completing around 4,000 rides per month. The company had fewer than 100 subscribers, with retention rates above 80 percent. However, Jagtap noted that these figures were not sufficient to attract institutional funding required for scaling operations.
MyPickup had previously raised US$179,000 in seed funding from Inflection Point Ventures in July 2024, but the funding was not enough to sustain growth or secure the company’s future in the competitive EV mobility market.
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