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IPV-backed electric mobility startup MyPickup shuts down

EntrackrEntrackr · 1d ago
IPV-backed electric mobility startup MyPickup shuts down
Medial

IPV-backed electric mobility startup MyPickup shuts down MyPickup, a subscription-based electric mobility startup backed by Inflection Point Ventures (IPV), has shut down operations after three years in business. The company cited challenges in achieving product-market fit (PMF) and lack of access to patient capital as the main reasons for closure. Founded in February 2023 by Abhijeet Jagtap, MyPickup offered subscription-based electric auto-rickshaw services, allowing commuters to book rides on a weekly or monthly plan with zero cancellations and zero surge pricing. The model was designed to provide predictable fares and reliability for daily commuters. However, the company struggled with scale during non-peak times and underwent four pivots, which, according to Jagtap, did not deliver the customer experience envisioned. As of May 2025, MyPickup was running just 19 vehicles, completing around 4,000 rides per month, and serving fewer than 100 subscribers, albeit with a strong 80% retention rate. These metrics, however, were not compelling enough to attract institutional investors for a larger round of funding. The startup had raised a $179,000 seed round from Inflection Point Ventures in July 2024, which helped it sustain operations for a year. Ultimately, the lack of long-term capital and slower-than-expected traction forced the shutdown.

Neobank Muvin shuts down operations

EntrackrEntrackr · 1y ago
Neobank Muvin shuts down operations
Medial

Youth-focused neobanking startup Muvin has shut down its operations, according to sources aware of the development and the company’s communication with its users. The shutdown is a result of the RBI direction which forbade UPI in a co-branding arrangement. “muvin card program has been closed. Any available balance is being migrated to issuer Livquik app. The migration is expected to be finished by 1st Feb and we would notify nextsteps to access your balance. Thank you for the support and we regret that muvin is unable to support your journey towards financial literacy,” said a notification sent by Muvin to its users. The Muvin app was also not available on Google Play Store. In June 2023, RBI directed PPI issuers to stop UPI in a co-branding arrangement. The directive forced DreamX (Dream11), Fampay, Akudo, Muvin and CheqUPI to discontinue UPI services as they did not hold PPI license. Entrackr had exclusively reported about this in June 2023. Recently, Akudo also shut down its wallet operations. Besides Muvin, LivQuik was also a PPI issuer for Akudo. Fampay, the largest player in this space, also pivoted to a full-fledged neobank from a teen only due to RBI directive. The firm also found it tough to raise follow-on money and saw top level exits and fired nearly 80 employees in 2023. Entrackr has reached out to Muvin and Livquick for more details. Co-founded by Vineet Gupta and Mukund Rao, Muvin used to cater to both teens and young adults through its prepaid card and mobile app. Before winding up operations, Muvin raised $3 million in a pre-Series A round led by WaterBridge Ventures in January 2022 and a seed round of over $1 million in April 2021.

Tiger Global-backed Toplyne shuts down operations

EntrackrEntrackr · 11m ago
Tiger Global-backed Toplyne shuts down operations
Medial

Plug-and-play platform Toplyne is shutting down operations and returning capital to investors, according to sources who spoke to Entrackr. This decision comes as a surprise, given that Toplyne had raised funding from prominent investors like Peak XV and Tiger Global. “Despite securing sizable funding, the startup struggled with scaling beyond a certain point, leading the founding team to make the decision to wind down and reach out to investors to return remaining capital,” said one of the sources requesting anonymity. Toplyne is a plug-and-play platform designed to help sales teams at product-led growth companies increase conversion rates among freemium users. Founded by Rishen Kapoor, Ruchin Kulkarni, and Rohit Khanna, this three-and-a-half-year-old startup facilitated lead conversion by integrating actionable insights directly into products, enabling companies to turn potential leads into paying customers. “After 3.5 years of building Toplyne, we’ve made the tough decision to wind down operations and return capital to our investors. Despite our best efforts, we couldn’t reach the scale or product-market fit we aimed for,” said Rishen Kapoor in a LinkedIn post. Toplyne has raised over $17 million in total capital from investors including Peak XV, Tiger Global, Surge, Together Fund, and angel investors like Kunal Shah and Harshil Mathur. According to the startup data intelligence platform TheKredible, Toplyne was valued at approximately $80 million in its latest fundraising round. Sources indicate that one of the co-founders, Rohit Khanna, exited the firm sometime last year due to differences within the founding team. Queries sent to Kapoor and Peak XV didn’t elicit any immediate response. Toplyne joins a group of startups that have shut down operations in 2024 while returning partial capital to investors. Others on this unique list include Greenik, Fashinza, Virgio, Investmint, Bluelearn, Paras Chopra-led Nintee, and Karthik Gurumurthy-led Convenio.

Agritech Greenikk shuts down, returns partial capital to investors

EntrackrEntrackr · 11m ago
Agritech Greenikk shuts down, returns partial capital to investors
Medial

Agritech startup Greenikk on Monday said that it is shutting down operations due to funding challenges and adverse market conditions. Greenikk had raised around $1 million in total capital from the likes of 100 unicorns (9unicorns), IIM A ventures, Mastermind Capital, Smart Sparks and other angels such as Mayank Tiwari of ReshaMandi. “We picked up capital during 2022 times when low-interest capital was available and while agri tech was at its peak, we chased the wrong metrics to grow and scale up. The industry dynamics changed making it difficult to raise the next round of Series A round which was planned to be $5 Million,” said Fariq Naushad, co-founder of Greenikk. As per the company, it’s returning partial capital to investors. Naushad also highlighted the challenges of defaults in the agri sector.“Stakeholders are not paying back the loans, we extended loans worth Rs 6 crore for which we faced defaults. Huge receivables were stuck from certain clients as they resisted paying after reaching a significant amount. We spend almost 6 months on the ground to collect 80% of the receivables,” said Naushad. Defaults and collections have become a significant challenge in the agri-tech sector. ReshaMandi, once a prominent player in the space, faced difficulties in collecting receivables, which ultimately led to its downfall. The company struggled with high defaults and mounting liabilities, which forced it to shut down. According to Greenikk, it will provide 2 month severance and job offers via reference to almost 25 employees while the founders (Naushad and Previn Jacob Varghese) are looking at exploring their next phase of entrepreneurial life. Check Greenikk’s shareholding and financials at TheKredible. After a significant fundraising boom in 2021 and 2022, agritech startups are now facing challenges in attracting venture capital for larger funding rounds. Data compiled by TheKredible reveals that agritech startups raised around $150 million across more than 30 deals in 2024 so far. Notably, there were no deals in the agritech space in September. For comparison, these startups secured $636 million in 2021, which increased to $772 million in 2022. However, the sector saw a sharp decline in 2023, with funding dropping to just $178 million.

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