Bengaluru: MyPickup, a subscription-based electric mobility startup backed by Inflection Point Ventures (IPV), has ceased operations after nearly three years, underscoring the difficulties young ventures face in raising patient capital in India’s competitive ride-hailing market.
Founded in February 2023 by Abhijeet Jagtap, MyPickup introduced a subscription model for electric auto-rickshaw rides, offering commuters weekly or monthly plans with zero cancellations and no surge pricing. The service promised reliability and predictability, distinguishing itself from conventional ride-hailing platforms.
Despite early traction, the company struggled to achieve product–market fit, particularly during non-peak hours. “As a founder, I underestimated the time to PMF and capital requirements for executing such an idea. Our 4 pivots also did not give the level of customer experience we wanted to create,” Jagtap said in a LinkedIn post announcing the closure.
At its peak in May 2025, MyPickup was completing about 4,000 rides per month with 19 vehicles and around 100 subscribers, maintaining a retention rate above 80%. While customers embraced the model, the scale was not compelling enough for institutional investors. “Our customers loved us and built their routines around MyPickup. Unfortunately, these numbers were not attractive enough for an institutional round which was required to build this idea without runway anxiety,” Jagtap noted.
The startup had raised ₹1.5 crore in seed funding from IPV in July 2024, which sustained operations for about a year. Jagtap acknowledged the contributions of his core team members, early backers, and IPV’s co-founders, while reflecting on the broader challenges of scaling an EV-focused mobility venture in India.
“Ride-hailing, Mobility, EVs and public transport infrastructure are at the cusp of transformation. Policy, Climate change, Innovation & Capital will shape the future of infrastructure in Indian cities,” he wrote.
Jagtap added that while building a “real” business in India is difficult, the entrepreneurial journey remains one of the most exciting pursuits. He said the lessons from the 2.5-year journey will shape his next chapter.
