Bengaluru-based electric mobility startup MyPickup has officially shut down operations after three years of trying to build a sustainable business model. Backed by Inflection Point Ventures (IPV), the company aimed to revolutionize daily commutes with its unique subscription-based electric auto-rickshaw service. However, despite its promise, the venture could not achieve the growth needed to survive in India’s highly competitive mobility sector.
MyPickup’s Bold Mobility Experiment
Founded in 2023 by entrepreneur Abhijeet Jagtap, MyPickup set out with a clear mission: to make short-distance commuting simple, affordable, and predictable. Instead of paying per ride and dealing with cancellations, surge pricing, or unreliable availability, users could subscribe to weekly or monthly plans. The service promised fixed fares, zero cancellations, and no hidden charges.
This approach quickly caught the attention of urban commuters who wanted stress-free travel. By introducing a subscription ride model, MyPickup hoped to stand out from traditional auto-rickshaw services and even big players in the ride-hailing industry.
When Expansion Plans Ran Out of Fuel
While the concept was innovative, the challenges turned out to be far greater than expected. MyPickup went through four major pivots in its journey, experimenting with different models to find the right fit. Despite these efforts, the company could not deliver a consistently smooth experience.
By mid-2025, the fleet had reduced to only 19 vehicles. The platform was completing around 4,000 rides per month and serving fewer than 100 active subscribers. Interestingly, customer loyalty remained strong, with nearly 80% retention, but this was not enough to attract new funding. The scale required to make the business profitable never materialized.
Funding Drought Ends the Ride
In July 2024, MyPickup raised around $179,000 in seed funding led by IPV. This gave the company roughly a year’s financial runway. However, scaling mobility services requires significant capital—both to expand fleets and to cover operational costs.
Potential investors wanted to see larger subscriber numbers and stronger unit economics before committing more funds. Without the backing of long-term, patient capital, MyPickup had no choice but to wind up operations.
Lessons for India’s E-Mobility Startups
The closure of MyPickup highlights the tough realities of India’s electric mobility sector. While there is growing demand for sustainable and affordable transport, operating in this space comes with heavy costs. Fleets are expensive to maintain, rider demand fluctuates during the day, and customer acquisition remains a constant challenge.
Startups in this sector must balance three key factors: a strong customer base, efficient fleet management, and investors willing to support long growth cycles. Without these, even the most promising ideas can struggle.
Lessons behind the failure
Though MyPickup’s journey ended early, it leaves behind important lessons for entrepreneurs. The need for innovation in public and shared transport is stronger than ever, but success will require not only creativity but also capital, patience, and adaptability.
For commuters, the dream of reliable subscription-based rides may have paused for now. For India’s mobility ecosystem, MyPickup’s story serves as a reminder that turning bold ideas into sustainable businesses is a long, difficult road—but one worth pursuing.