Another Indian startup story has come to a close. MyPickup, a subscription-based electric mobility venture backed by Inflection Point Ventures (IPV), has announced the end of its operations after nearly three years.
Founded in February 2023 by Abhijeet Jagtap, the company aimed to reshape daily commuting by offering subscription plans for electric auto-rickshaw rides. Customers could book weekly or monthly packages with no surge pricing and zero cancellations, making rides predictable and hassle-free.
Unique Model, Real Struggles
The subscription idea was built to stand out in India’s highly competitive ride-hailing space dominated by conventional players. While the model gained traction among commuters who appreciated its reliability, the startup struggled to find a product-market fit during non-peak hours.
Reflecting on the closure, Jagtap admitted that he underestimated the time and capital required to achieve scale. “Our four pivots did not give the level of customer experience we wanted,” he shared in a candid LinkedIn note.
Growth and Funding
At its peak in May 2025, MyPickup completed around 4,000 rides per month with a modest fleet of 19 vehicles and about 100 subscribers. The retention rate was impressive—above 80%—but the numbers were not strong enough to attract institutional funding.
The startup had earlier raised Rs 1.5 crore in seed funding from IPV in July 2024, which sustained operations for nearly a year. But without larger investment and patient capital, sustaining the business long-term became unviable.
Founder’s Reflections
In his note, Jagtap credited his team members Varun P. and Saion, first investor Arvind, and IPV’s co-founders Ankur Mittal and Mitesh Shah for believing in the idea. He acknowledged the sacrifices made by his colleagues, calling them “beyond what I expected when I started.”
He further reflected on the difficulties of building in India’s mobility sector, where policy shifts, capital constraints, and rapid innovation cycles make survival harder for new entrants.
Broader Industry Lessons
Jagtap highlighted that ride-hailing, EVs, and public transport infrastructure in India are at a crucial turning point. With climate change, urban congestion, and shifting policies, the sector demands not just innovation but also long-term strategic thinking and capital support.
Despite the closure, he views the journey as invaluable. “Building a real business in India is tough, but it is also one of the most exciting things you could do. The learnings from the past 2.5 years are extraordinary and I plan to fully utilize them in my future,” he said.
Looking Ahead
The shutdown of MyPickup underscores the broader funding and sustainability challenges faced by young Indian startups in the electric mobility space. While the company exits the market, its story serves as a lesson for entrepreneurs navigating the complexities of innovation, capital, and consumer behavior in India’s mobility sector.
