MyPickup: Subscription-Based Electric Mobility Startup Shuts Down

MyPickup, a subscription-driven electric mobility startup supported by Inflection Point Ventures (IPV), has ceased its operations following three years in the industry. The firm attributed its closure to difficulties in achieving product-market fit and limited access to patient capital.

Background on MyPickup

Founded in February 2023 by Abhijeet Jagtap, MyPickup provided subscription-based electric auto-rickshaw services, enabling commuters to reserve rides on a weekly or monthly basis with no cancellation fees and no surge pricing. This approach aimed to ensure stable fares and reliability for everyday commuters.

Operational Challenges

Despite its aspirations, the company encountered difficulties in scaling during off-peak hours and underwent four business model pivots. Jagtap noted that these changes did not result in the customer experience the team had hoped for.

Performance Metrics

As of May 2025, MyPickup was utilizing merely 19 vehicles and managed to complete around 4,000 rides monthly, catering to fewer than 100 subscribers. Despite achieving a notable 80% retention rate, these numbers were insufficient to draw the attention of institutional investors for a substantial funding round.

Funding and Its Challenges

The startup secured a $179,000 seed round from Inflection Point Ventures in July 2024, which allowed it to maintain operations for a year. Nevertheless, the absence of long-term financial backing and slower-than-anticipated growth ultimately led to its shutdown.