Startup MyPickup Ceases Operations; Founder Admitted Underestimation of Financial Resources Needed for Implementing Concept
MyPickup, an electric mobility startup founded by Abhijeet Jagtap in February 2023, has announced its closure after a run of nearly three years. The company, which offered a subscription model for electric auto-rickshaw rides, struggled to find a product-market fit during non-peak hours and faced challenges in scaling its operations in India.
Jagtap, the founder of MyPickup, acknowledged the sacrifices made by his team and early supporters. He expressed gratitude towards Varun P., Saion, and first investor Arvind, who were part of the core team, and Inflection Point Ventures (IPV), which backed the startup.
MyPickup raised Rs 1.5 crore in seed funding from IPV in July 2024, which sustained operations for about a year. The subscription model allowed commuters to book weekly or monthly plans with no cancellations and no surge pricing. At its peak in May 2025, MyPickup was completing about 4,000 rides per month with just 19 vehicles and about 100 subscribers.
Despite the successes, MyPickup lacked access to patient capital, Jagtap stated. He noted the need for effort and long-term strategic thinking to prevent Indian cities from crumbling under their own weight. Jagtap also reflected on the role of policy, climate change, innovation, and capital in shaping the future of infrastructure in Indian cities.
Customers valued the service offered by MyPickup, but the numbers were not compelling enough for institutional investors. Jagtap expressed his belief that building a 'real' business in India is tough but exciting, and emphasized the importance of continued effort and strategic thinking.
Jagtap shared his plans to fully utilize the learnings from the past 2.5 years in his future endeavors. He thanked Inflection Point Ventures (IPV) co-founders, Ankur Mittal and Mitesh Shah, for their trust and support.
MyPickup maintained a retention rate above 80%, a testament to the loyalty of its customers. Despite the challenges faced by the startup, Jagtap expressed his optimism for the future of electric mobility in India and his commitment to contributing to this sector.
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