MyPickup is an EV startup that offers electric Vehicle riding services to its users. The company secured  Rs 1.5 crore in its seed funding round from Inflection Point Ventures. The funding round had the  participation of several new and existing investors. The company plans to use these fresh proceeds to  develop scheduling algorithms, scale its operations, brand building, market expansion, and  optimization of operation management. 

This EV startup offers electric Vehicles for pickup and drop services. The company provides subscription-based electric vehicle or auto-rickshaw services. The primary aim of the platform is to  offer zero cancellations and no increase in pricing. The startup addresses pollution and environmental  challenges across India. MyPickup will be utilizing some portion of this investment to scale up its  services and electric vehicles. This funding will help them scale up operations and strengthen their  position in the global EV market. The Bengaluru startup plans to meet other use cases including on 

demand rides while having control over drivers and vehiclesthrough SOPsto solve the driver problems  and maintain better user experience. The platform is also working on creating automated matching  algorithms and adding other features like a camera and SOS system. 

The company intends to offer a separate application for drivers and on-demand services through the  ONDC platform. The startup offers EV solutions, to connect drivers and riders through its platform. The  amount raised during this round will be used to develop more efficient EV solutions for market expansion, operation management, and technical advancement to increase the performance  capability of the platform. The EV startup claims to operate 7 electric autos serving 45 customers. The  platform reported a monthly run-rate of Rs 1.5 lakh with 800 rides per month at affordable pricing and  a minimal market budget. 

According to market research Indian EV ride-hailing sector currently stands at 7.7 billion USD and is  predicted to grow at a rate of 13 percent year-on-year. The Indian commute market is expected to  reach over 14 billion USD in upcoming years. The co-founder of IPV, Ankur Mittal mentioned that the  Urban cities in India face challenges like pollution, frequent cancellations, and expensive  transportation prices. MyPickup offerssolutions to all these challenges by offering pollution-free riding services and zero cancellations. The application also offers GPS tracking to provide parents with real time updates on children. 

Conclusion: 

MyPickup is an electric vehicle ride-offering startup that secured Rs 1.5 crore in its seed funding round  led by IPV. The startup intends to use this fresh capital to develop scheduling algorithms, enhance  brand presence, and optimize operation management. The startup provides subscription-based auto rickshaw services that aim for zero cancellations and no increase in pricing while addressing pollution  challenges across India. The Bengaluru-based company plans to develop automated matching  algorithms and features including cameras and SOS systems to enhance safety and user experience. The company announced its monthly run-rate of Rs 1.5 lakh with 800 rides each month. The  development came just after the EV sector had increased interest from investors.