Electric vehicle (EV) ride-hailing startup MyPickup raised ₹15 million (~$179,293) in seed funding led by Inflection Point Ventures (IPV).

MyPickup plans to use the funds to increase its fleet size and efficiency per vehicle and develop an exclusive scheduling and route optimization algorithm, mobile application, brand building, and operations management optimization.

The company operates a fleet of seven electric autorickshaws, serving 45 customers. It has been facilitating 800 rides per month and aims to penetrate large apartment complexes within a few micro markets in a city for office and school rides.

According to MyPickup, the Indian commute market, encompassing school and office segments, stands at $7.7 billion and is projected to grow 13% yearly. Assuming this consistent growth, the market size is estimated to reach approximately $14 billion.

Abhijeet Dattatraya Jagtap, Founder and CEO of MyPickup, said, “By offering shared, reliable, and electric commute solutions for officegoers and schoolchildren, we are committed to scaling our impact in reducing urban congestion and emissions. Our mission is to provide sustainable mobility options that not only improve daily commutes but also contribute to a cleaner and healthier environment for all.”

Ankur Mittal, Co-Founder, IPV, said, “Urban cities in India share challenges like pollution, high commuting costs, frequent cancellations, and expensive transportation for school children. Recognizing these issues, MyPickup offers solutions with real-time tracking for parents and EV vehicles to combat pollution and zero-cancellation and zero-surge pricing policies.”

In March, the Ministry of Heavy Industries launched the Electric Mobility Promotion Program 2024 with a funding of ₹5 billion (~$60.34 million). The program targets electric two-wheelers and three-wheelers, including e-rickshaws, e-carts, and L5 category vehicles.

Sales of EVs in India reached a record 486,669 units in the first quarter of 2024, a jump of over 40% against the 347,676 units sold in the same period of 2023.