MyPickup, a subscription-based electric mobility startup backed by Inflection Point Ventures (IPV), has announced that it is shutting down operations after three years of trying to redefine urban
MyPickup, a subscription-based electric mobility startup backed by Inflection Point Ventures (IPV), has announced that it is shutting down operations after three years of trying to redefine urban commuting. The company, which launched in February 2023 with a mission to offer predictable and affordable electric auto-rickshaw services, cited difficulties in achieving product-market fit (PMF) and a lack of patient capital as the primary reasons for its closure.
Despite early promise and an innovative subscription model aimed at daily commuters, MyPickup struggled to scale its services, attract sufficient ridership during off-peak hours, and secure the long-term funding required to sustain growth.
MyPickup was conceived as a solution for daily commuters looking for affordable, reliable, and eco-friendly transport options. Founded by Abhijeet Jagtap, the company sought to disrupt the electric mobility space by offering subscription-based auto-rickshaw services. Under this model, commuters could book rides on weekly or monthly plans that eliminated surge pricing and cancellations — a welcome feature for regular riders relying on consistent transportation.
The startup aimed to provide a stable fare structure and dependable service, especially in cities where transportation costs fluctuate unpredictably and reliability remains a challenge. The promise of zero cancellations and zero surge pricing was designed to make electric commuting accessible and stress-free.
Despite its ambitious goals, MyPickup encountered several operational and financial hurdles. According to founder Abhijeet Jagtap, the company struggled to achieve product-market fit, especially when scaling operations beyond peak commuting hours. While demand was high during morning and evening rush periods, ridership dropped significantly at other times, making it difficult to maintain fleet utilization and profitability.
The company went through four major pivots in an attempt to refine its service offering, including experimenting with different subscription plans and pricing strategies. However, none of these changes delivered the consistent customer experience or growth metrics required to attract further investment.
As of May 2025, MyPickup was operating only 19 electric vehicles, serving around 4,000 rides per month, and catering to fewer than 100 active subscribers. The startup did enjoy a strong retention rate of 80%, indicating that users who signed up were satisfied with the service. However, the relatively small customer base and limited expansion potential made it hard to convince institutional investors to fund a larger round.
In July 2024, MyPickup raised $179,000 in a seed round led by Inflection Point Ventures (IPV). The funding allowed the startup to operate for another year while testing different models and refining its operations. However, the seed round was not sufficient to address structural issues in the business, nor did it provide the runway required to expand aggressively.
The mobility space, especially electric mobility, is capital-intensive and requires sustained investment over multiple years before breaking even. MyPickup’s inability to access patient capital — long-term financing that supports businesses through their growth and experimentation phases — ultimately became a critical bottleneck.
Without new capital inflows, the startup could neither expand its fleet nor enhance its platform to better compete with other ride-sharing and electric vehicle providers.
While MyPickup’s journey has come to an end, many experts believe its subscription model was innovative and ahead of its time. Urban mobility solutions often face challenges in balancing affordability, reliability, and scalability. Subscription-based services could be a viable alternative to traditional ride-hailing platforms, especially for regular commuters frustrated with fluctuating fares and cancellations.
However, successfully executing such a model requires significant upfront investment, partnerships with fleet operators, and access to deep-pocketed investors willing to take long-term bets. The electric mobility segment also faces additional challenges such as infrastructure limitations, charging availability, and regulatory uncertainties, all of which compounded the difficulties faced by startups like MyPickup.
MyPickup’s closure underscores several critical lessons for electric mobility entrepreneurs and investors alike:
Though MyPickup has shut down, founder Abhijeet Jagtap and his team are likely to take the insights gained into their next venture. Their experience navigating urban mobility, subscription models, and customer retention could prove invaluable in sectors where sustainable transport and technology-driven services are poised for growth.
The electric mobility sector, despite its challenges, remains an area of high interest for governments, investors, and entrepreneurs aiming to reduce carbon footprints and improve public transportation.
MyPickup’s story may be one of an early exit, but it’s also a testament to entrepreneurial ambition in tackling complex urban challenges. The startup’s bold subscription model and commitment to improving commuter experience deserve recognition, even if market realities and funding limitations prevented it from reaching its full potential.
For mobility startups, investors, and urban planners alike, MyPickup’s experience offers a roadmap for future innovations — one that balances ambition with scalability, customer experience with infrastructure readiness, and short-term funding with long-term vision.
