Electric vehicle ride-hailing startup MyPickup is shutting down after three years of operation. The company struggled to get enough rides during non-busy hours.
MyPickup offered electric auto-rickshaw rides through weekly and monthly subscription plans, promising commuters no cancellations and no surge pricing.
MyPickup’s founder, Abhijeet Jagtap, said on LinkedIn that the company had difficulty getting patient capital, meaning the long-term funding needed to make the business succeed.
“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 of customer experience we wanted to create,” Jagtap said.
MyPickup launched in February 2023. By May, the startup was completing around 4,000 rides per month with 19 vehicles and fewer than 100 subscribers.
Despite the small subscriber base, the company maintained a strong retention rate of over 80%.
However, these results weren’t enough to get the big investments needed to grow. The company had previously raised $179,000 in a seed round from Inflection Point Ventures in July last year.
The news comes as ride-hailing faces more competition, with companies like Uber and Rapido giving drivers extra ways to earn money during slow hours.
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