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EV ride-hailing startup MyPickup has shut its operations, citing challenges in achieving right product-market fit and “patient” capital crunch.
Abhijeet Jagtap, founder of MyPickup, took to LinkedIn to make the announcement. He said that the startup was struggling to achieve PMF during “non-peak times”.
Founded in 2022 by Jagtap, MyPickup offered subscription based electric auto-rickshaw service for daily commuters. The startup claimed to be solving daily commute hustle by eliminating daily ride booking time, eliminating surge fee and providing an eco-friendly fleet.
At the time of shutting down operations, MyPickup was offering services only in Bengaluru.
“As a founder, I underestimated the time to PMF and capital requirements for executing such an idea,” Jagtap said in the post.
The Inflection Point Ventures-backed startup claimed to have 19 vehicles and facilitated nearly 4000 rides in the month of May this year.
MyPickup’s Journey
MyPickup offered an EV three-wheeler fleet for daily shared commute. Users could add their pickup and drop location, time, and number of days of commuting. With these details, the app calculated a subscription fee for the week. The users could reserve slots for minimum 5 rides and maximum 10 rides in a week.
The startup offered zero-cancellation shared rides. It also allotted the same driver for one subscription cycle.
To expand its operations, MyPickup raised INR 1.5 Cr from Inflection Point’s accelerator Ideaschool last year. At the time of the fundraise, MyPickup said it would deploy the capital to enhance its scheduling algorithm, expand its EV fleet, and build a dedicated app for its drivers. Back then, MyPickup operated a fleet of 7 electric autos, serving 45 customers and claimed to have a monthly run-rate of INR 1.5 Lakh.
The startup initially conducted operations via WhatsApp and then launched its official website to facilitate users with ride-booking options.
Over the years, it kept on rolling out new features to expand its customer base and enhance user experience. After raising funds from IPV, MyPickup launched its Android and iOS mobile apps for customers.
At the launch of the app, Jagtap said it would help users in simplifying cancellations and requesting rescheduling. At the time, the startup also revised subscription prices and algorithms to offer seamless customer experience.
For parents using MyPickup for school pickup and drop, the startup was planning to develop safety features like GPS tracking, SOS systems, and cameras. It was also mulling offering on-demand services through the ONDC platform to expand its customer base.
However, Jagtap said that all of these came to nothing. “Our 4 pivots also did not give the level customer experience we wanted to create,” he said in his post.
Startup Shutdowns In 2025
One of the biggest challenges faced by MyPickup was lack of business during non-peak hours. While students and office-goers had a fixed schedule of commuting, the startup didn’t get enough bookings the rest of the time.
With 19 EV three-wheelers, the company was dealing with nearly 100 subscribers and an 80% retention rate. “Unfortunately, these numbers were not attractive enough for an institutional round which was required to build this idea without runway anxiety,” Jagtap said.
With this, MyPickup has become the latest startup to shut its operations this year. Last week, Web3 gaming startup Hike shut operations following the real money gaming ban in the country. EV financing and leasing startup Ohm Mobility, Aravind Srinivas-backed Astra, used two-wheeler marketplace Beepkart are among the other startups which shut shop this year.
The post Inflection Point-Backed MyPickup Shuts Operations appeared first on Inc42 Media.
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