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IPV-backed electric mobility startup MyPickup shuts down

EntrackrEntrackr · 23h 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.

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IPV leads seed round in EV ride-hailing startup MyPickup

EntrackrEntrackr · 1y ago
IPV leads seed round in EV ride-hailing startup MyPickup
Medial

Electric vehicle ride-hailing startup MyPickup has picked up an investment of Rs 1.5 crore in a seed funding round led by Inflection Point Ventures. The funds will be allocated for development of scheduling algorithms, brand building, and optimization of operations management, MyPickup stated in a press-release. Launched in 2022 by Abhijeet Dattatraya Jagtap, MyPickup is a subscription based electric auto-rickshaw service provider, aims to offer zero cancellations and zero surge pricing. It addresses urban congestion and pollution challenges in major cities. According to the Bengaluru-based startup, it plans to cater to other use cases like on-demand rides using fleet operators & other vehicle classes, while retaining better control over drivers and vehicles through SOPs and training to solve driver problems and maintain customer experience. The platform intends to develop an automated matching algorithm, install safety features like cameras and SOS systems, offer on-demand services through ONDC platforms, and release an app for drivers. According to market research, the Indian commute market currently stands at $7.7 billion & is projected to grow at a rate of 13% year-over-year, and is estimated to reach approximately $14 billion. MyPickup claims to operate a fleet of 7 electric autos, serving 45 customers, registering a monthly run-rate of Rs 1.5 lakh, and facilitating 800 rides per month with a minimal marketing budget.

EV financing startup Ohm Mobility shuts down operations

EntrackrEntrackr · 1m ago
EV financing startup Ohm Mobility shuts down operations
Medial

EV financing and leasing startup Ohm Mobility has announced that it is winding down operations after five years of trying to build a scalable business model. The decision was confirmed by cofounder and CEO Nikhil Nair on Linkedin, who stated that the company experimented with multiple business models but was unable to sustain growth. Founded in 2020 by Nikhil Nair, Ohm Mobility aimed to connect EV fleet operators, manufacturers, and battery companies with banks and financial institutions to help them secure capital. The company used IoT data from EVs to evaluate risk and improve financing options. In 2022, Nikhil Saigal, former executive of IT solutions provider Onfido, joined the company as co-founder and chief business officer. Ohm Mobility raised approximately Rs 5 crore from investors such as Antler India, Blume Ventures, Catalyst Fund, and several angel investors. Earlier this year, the startup rebranded to Ohm Daily to pivot towards offering financial products for gig workers and mobility professionals such as auto drivers. However, despite these efforts, the company could not achieve the desired traction.

Bhavish Aggarwal-backed O'Be Cocktails shuts operations

EntrackrEntrackr · 5m ago
Bhavish Aggarwal-backed O'Be Cocktails shuts operations
Medial

Bhavish Aggarwal-backed O'Be Cocktails shuts operations Bengaluru-based O'Be Cocktails used to claim that its cocktails were perfected through over a hundred iterations to deliver a consistent blend for consumers. Alcoholic beverages startup O'Be Cocktails has shut down its operations after operating for more than five years. “It was one of the most difficult decisions for myself to shut down the brand; however, in the long run, we couldn’t justify the direction. After extensive retrospection and analysis, it all came down to one key realization: Alcobev is not a consumer-backed but a commoditized industry, which does not align with our vision of creating a premium and convenient cocktail experience for our consumers,” said Nitesh Prakash, founder and chief executive of O'Be Cocktails in a Linkedin post. “Over the past year, we have made every possible effort to find a suitable buyer for O’ Be ensuring the flow of cocktails doesn't stop, but we believe we have now exhausted all remaining possibilities for a sale,” added Prakash. O'Be raised Rs 3.5 crore in an angel round led by First Cheque, Letsventure, Ola’s Bhavish Aggarwal, Tracxn founder Abhishek Goyal, and Sprout Investments in August 2021. The Bengaluru-based startup also raised an undisclosed pre-Series A round led by Inflection Point Ventures in November 2023. O'Be Cocktails used to offer a variety of drinks available in Goa and Bengaluru. The brand used to claim that its cocktails were perfected through over a hundred iterations to deliver a consistent blend for consumers. O'Be Cocktails was operational in Bhutan and nine states of India. The company also said that it was supported by a network of 22 private distributors and 2 government contracts, making its products accessible in over 1,700 premium wine outlets.

Kenko Health shuts down; investors drag insurtech startup to NCLT

Economic TimesEconomic Times · 1y ago
Kenko Health shuts down; investors drag insurtech startup to NCLT
Medial

Insuretech startup Kenko Health has closed down due to a lack of funds. The company, backed by investors including Sequoia Capital India and Orios Venture Partners, was taken to the National Company Law Tribunal by a debt fund. Kenko had not paid its employees for several months and had previously laid off 20% of its workforce. The startup had applied for a health insurance license but needed fresh funds. However, a proposed investment plan was opposed by some existing investors, resulting in a stalemate. Kenko's founders held a 36% stake in the company, with Peak XV, Beenext, and Orios having smaller stakes. The startup had raised $13.7 million in funding and recorded a net loss of $8.5 million in fiscal 2023.

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