MyPickup, Backed by Inflection Point Ventures, Ceases Operations

Due to a “client” funding crisis and difficulties in attaining the proper product-market fit (PMF), EV ride-hailing startup MyPickup has ceased operations. MyPickup’s founder, Abhijeet Jagtap, announced the news on LinkedIn. He said that during “non-peak times”, the startup was having trouble achieving PMF.

Jagtap founded MyPickup in 2022 to provide daily commuters with a subscription-based electric autorickshaw service. By removing the need to arrange rides every day, removing surge fees, and offering an environmentally friendly fleet, the firm claimed to be tackling the everyday commute problem. MyPickup was limited to providing services in Bengaluru at the time of its closure.

As a founder, Jagtap understated the time to PMF and capital needed to carry out such an idea, he wrote in the piece. In May of this year, the Inflection Point Ventures-backed business reported having 19 vehicles and facilitating about 4000 journeys.

From Creating EV Commuting Solutions to Downfall-Journey of MyPickup

An EV three-wheeler fleet was made available via MyPickup for daily shared commuting. Users could enter the time, place, and number of days they wanted to commute.

The app computed a weekly subscription charge using these details. In a week, users could reserve slots for a minimum of five rides and a maximum of ten rides. The startup provided shared rides with no cancellations. Additionally, the same driver was assigned for a single subscription cycle. Last year, MyPickup secured INR 1.5 Cr from Ideaschool, an accelerator at Inflection Point, to grow its business. MyPickup stated at the time of the fundraising that it will use the money to improve its scheduling algorithm, increase the number of EVs in its fleet, and create a special app for its drivers.

At the time, MyPickup claimed to have a monthly run rate of INR 1.5 Lakh and ran a fleet of 7 electric cars, serving 45 customers. In order to give users ride-booking choices, the firm first operated over WhatsApp before launching its own website. It continued to introduce new features throughout time in an effort to increase its clientele and improve user experience. MyPickup released its iOS and Android mobile apps for users after raising money from IPV.

Adding New Features-Still Not Enough to Increase Clientele For MyPickup

Jagtap said at the app’s debut that it would make cancelling and rescheduling easier for users. In order to provide a smooth client experience, the firm at the time also updated subscription costs and algorithms.

The startup intended to create safety features, including GPS monitoring, SOS systems, and webcams for parents who wanted to use MyPickup for school pickup and drop-off. In an effort to increase its clientele, it was also considering providing on-demand services via the ONDC platform. But according to Jagtap, none of this mattered. In his post, he claimed that “our four pivots also did not give the level of customer experience we wanted to create.”