EV ride-hailing startup MyPickup shuts down operations

Electric vehicle ride-hailing startup MyPickup is closing its operations after three years. The EV ride-hailing startup struggled to find enough demand during non-peak hours.

The subscription-based startup MyPickup offered electric auto-rickshaw rides on weekly and monthly plans, promising no cancellations and no surge pricing for commuters.

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MyPickup founder Abhijeet Jagtap shared on LinkedIn that the company struggled to secure patient capital—long-term investment needed to achieve product-market fit.

“As a founder, I underestimated the time to PMF and capital requirements for executing such an idea. Our 4 pivots also did not give the level customer experience we wanted to create,” Jagtap said.

MyPickup launched in February 2023. By May, it was completing around 4,000 rides per month with 19 vehicles and fewer than 100 subscribers, maintaining over 80% retention. 

However, these numbers weren’t enough to attract the institutional funding needed to scale. The company had raised $179,000 in a seed round from Inflection Point Ventures in July last year. 

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The news comes as ride-hailing faces growing competition, with platforms like Uber and rapido offering drivers extra ways to earn during non-peak hours.

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