MyPickup, a subscription-based electric mobility startup backed by Inflection Point Ventures (IPV), has ceased operations after three years in business, citing challenges in achieving product-market fit (PMF) and limited access to patient capital.
Background
Founded in February 2023 by Abhijeet Jagtap, MyPickup offered subscription-based electric auto-rickshaw services, allowing commuters to book weekly or monthly rides with predictable fares and zero surge pricing. The service aimed to provide reliable, eco-friendly transportation for daily commuters.
Operations & Performance
Despite its innovative model, MyPickup struggled to scale. By May 2025, the startup operated only 19 vehicles, completing around 4,000 rides per month and serving fewer than 100 subscribers. While it maintained a strong 80% retention rate, these metrics were insufficient to attract larger institutional funding.
The company underwent four pivots in an attempt to refine its offerings, but none delivered the desired customer experience. A $179,000 seed round from IPV in July 2024 had sustained operations for a year, but the lack of long-term capital ultimately forced the shutdown.
Market Context
MyPickup’s closure highlights the difficulties faced by subscription-based electric mobility ventures in India, particularly in balancing infrastructure costs, variable demand, and customer acquisition. The EV mobility space remains competitive, with players like BluSmart, Rapido, and Ola Electric dominating commuter adoption and fleet scale.
Final Take
While MyPickup’s journey ends, its experience underscores the importance of sufficient runway, scalable demand, and patient capital for early-stage EV mobility startups in India.
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