IPV Backed EV Startup MyPickup Shuts Down The startup attributed the decision to difficulties in securing patient capital and an inability to achieve product-market fit.
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MyPickup, a subscription-based electric mobility startup backed by Inflection Point Ventures, has ceased operations after three years in business.
The startup attributed the decision to difficulties in securing patient capital and an inability to achieve product-market fit.
Founded in February 2023 by Abhijeet Jagtap, MyPickup introduced a subscription model for electric auto-rickshaw services. Commuters could book rides through weekly or monthly plans that offered predictable fares, with no cancellations and no surge pricing.
The idea was to create reliability for daily riders, but the business struggled to balance demand, particularly during non-peak hours.
Over the course of its journey, the startup attempted four pivots in an effort to refine customer experience. Despite these efforts, the challenges persisted. As of May 2025, MyPickup operated 19 vehicles and completed roughly 4,000 rides per month. It claims to serve fewer than 100 subscribers but maintains an 80 percent retention rate.
The startup had raised USD 179,000 in seed funding from Inflection Point Ventures in July 2024, which extended operations for a year. However, the limited scale and slower-than-expected growth failed to attract institutional investors, ultimately leading to the shutdown.
