- MyPickup
- Inflection Point Ventures
- IPV Ideaschool
- Ankur Mittal
- Abhijeet Dattatraya Jagtap
- electric autorickshaw
Inflection Point Ventures leads INR 15 million seed round funding in MyPickup
- by MT Bureau
- July 18, 2024
MyPickup, an urban transit services provider and IPV Ideaschool startup, has raised INR 15 million in a seed round led by Inflection Point Ventures.
The start-up provides a subscription-based electric auto-rickshaw service with a mission to offer zero cancellations and zero surge pricing. The idea is to go beyond just providing convenience, as it addresses urban congestion and pollution challenges in major cities, striving to create a cleaner, more efficient, and reliable transportation ecosystem for all.
Through IPV Ideaschool, startups receive funding, mentorship, and resources to transform their ideas into viable products. The funds will be allocated for development of scheduling algorithms, brand building, and optimisation of operations management.
At scale, MyPickup expects to cater to other use cases like on-demand rides using fleet operators and other vehicle classes, while retaining better control over drivers and vehicles through robust SOPs and training to solve driver problems and maintain customer experience.
Abhijeet Dattatraya Jagtap, Founder and CEO of MyPickup, is an MBA graduate from IIM Calcutta and has worked in various roles across sales, P&L management, and marketing in organisations such as Pharmeasy, Flipkart and Bosch.
Ankur Mittal, Co-Founder, Inflection Point Ventures said, “Urban cities in India share challenges like pollution, high commuting costs, frequent cancellations, and expensive transportation for school children. Recognising these issues, MyPickup offers solutions with real-time tracking for parents, EV vehicles to combat pollution, and zero-cancellation and zero-surge pricing policies. They also plan to develop an automated matching algorithm, install safety features like cameras and SOS systems, offer on-demand services through ONDC platforms, and release an exclusive app for drivers. These initiatives build trust and position MyPickup as a promising startup addressing urban problems.”
At present, the startup operates a fleet of seven electric autos, serving 45 customers. It has achieved a monthly run-rate of INR 1,50,000, facilitating 800 rides per month with a minimal marketing budget, looks to scale by increasing the fleet size and efficiency per vehicle to penetrate large societies/apartment complexes within a few micro markets in a city for office and school rides.
Jagtap said, “As city-dwellers in India face mounting stress from congestion and pollution, MyPickup is dedicated to alleviating these challenges. By offering shared, reliable, and electric commute solutions for officegoers and school children, 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."
The start-up estimates that the Indian commute market, encompassing both school and office segments, currently stands at $7.7 billion (INR 641 billion) and is projected to grow at a robust rate of 13 percent year-over-year. Assuming this consistent growth, the market size is estimated to reach approximately $14 billion (INR 1,166 billion).
- Montra Electric
- Tube Investment of India
- TII
- Murugappa Group
- electric vehicle
- electric Small Commercial Vehicle
- e-SCV
- Vellayan Subbiah
- TIVOLT Electric Vehicles
- TI Clean Mobility
Murugappa Group’s TIVOLT Electric Vehicles set to launch e SCV under Montra Electric brand
- by MT Bureau
- May 13, 2024
TIVOLT Electric Vehicles, part of Murugappa Group and a subsidiary of TI Clean Mobility, is gearing up to launch an e-Small Commercial Vehicle (e-SCV).
Once launched, the vehicle is expected to bring about a significant change in India's mid-mile and last-mile mobility sectors, thanks to its cutting edge technology, distinctive design, strong performance, and durable build quality. The company says the development of the e- SCV will be a culmination of extensive research and rigorous testing.
Founded in February 2022 as a subsidiary of Tube Investments of India (TI), TICMPL is foussing on clean mobility solutions. With the inclusion of e-SCVs as its fourth EV platform, TICMPL is now positioned to offer complete mobility solutions to enterprises and logistics companies, serving their needs across intercity, intracity, and last-mile applications.
Vellayan Subbiah, Executive Vice Chairman, TII said “Montra Electric represents our commitment to enhancing life through eco-friendly mobility solutions, ushering in a new era of growth and innovation for us. The electric vehicle industry is experiencing an exciting phase of development, not only in India but globally as well. We have dedicated our top resources and time to develop this product, and we are looking forward to the customer response upon its launch in the coming months. At Montra Electric, our goal is to offer products and solutions that are beneficial for both our customers and our business, ensuring practicality and sustainability.”
He further stated that India is poised to lead the global adoption of electric vehicles, second only to China.
“TICMPL is making impressive strides in the electric vehicle sector with a substantial commitment of INR 3,000 crore. Currently, we are developing four platforms, including the successful MHCV truck and electric three-wheeler already in the market. What excites me the most is our upcoming Small Commercial Vehicle (SCV) platform. SCV represents the largest category in the commercial vehicle segment, making our entry into this arena particularly thrilling. This segment is primed to adopt EVs swiftly, supported by policies, government initiatives, and increasing adoption rates. Our dedication to becoming the foremost player in this segment in India is unwavering. The TIVOLT e-SCV is poised to be a standout product, a definite winner in the market,” concluded Vellayan Subbiah.
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Add Comment- Mahindra Last Mile Mobility
Mahindra Last Mile Mobility Sets Up Three-Wheeler EV Charging Stations In Mumbai Suburbs
- by MT News
- February 22, 2023
Mahindra Last Mile Mobility (LMM), a division of the Mahindra & Mahindra Group, has set up several charging stations near autorickshaw stands, auto driver home clusters and junctions. LMM has done this through strategic charging vendors. The division has done so to boost EV penetration in Mumbai and its suburbs.
Chargers have also been installed at Mahindra outlets and Mahindra Mitra Technician spots wherein customers can charge their three-wheelers. The charging points have been positioned in strategic locations like Malad, Kandivali, Mira Road, Navi Mumbai, Vasai, Virar, Andheri and so on. This is an ongoing process and the Mahindra team, along with key stakeholders, has identified additional charging spots in and around Mumbai and with due approvals, will commence work. The auto driver partners, too, have been notified of these additional charging points.
In addition to this, more than 60 mechanics have been trained by LMM’s service personnel to handle Mahindra three-wheeler EVs.
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Six robust DC fast EV charging stations have been installed at Terminal 1 and Terminal 2 of Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA). They are available for service as Public Charging Stations (PCS) for passengers as well as guests visiting the airport.
The EV station at Terminal 1 is at P1 - Multi-level Car Parking (MLCP). At Terminal 2, it is at P5 – MLCP. There is another station at the Airside of Terminal 2 as well. The owners of private EVs and commuters who will avail of the charging stations at MLCP in either terminals will be billed only for the charging sessions. They will be given a deduction against the parking fees.
Adhering to all the requirements, policies and protocols outlined by the regulators, the charging stations at either terminal of CSMIA are of the CCS Type II Dual Gun 60 kW and GB/T (DC 001) Dual Gun 40 kW Charger type and compatible with all the prevailing EV cars in the country. There would be augmentation of 60 kW and 240 kW capacity EV chargers to cater to the needs of Airside logistics.
CSMIA runs on 100 percent renewable energy with its onsite solar power plant, Vertical Axis Wind Turbine (VAWT) and procures green power. For EV charging, the airport will source 100 percent green power, according to sources in the know of the development.
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Add Comment- BluSmart
- Mahendra Singh Dhoni
- MS Dhoni
- Cricket
- Sumant Sinha
- Sameer Tirkar
- responsAbility Investments
- Punit Goyal
BluSmart raises INR 2 billion in pre-Series B Round
- by MT Bureau
- July 15, 2024
BluSmart, a leading electric vehicle cab service and EV charging infrastructure network company, has raised $24 million (INR 2 billion) in pre-Series B funding round.
The company saw investment from responsAbility Investments (a leading impact asset manager); Sumant Sinha (a leading player in the Renewable Energy sector); MS Dhoni Family Office (former Indian cricket team captain); existing investors and BluSmart founders.
The funding the company says will be deployed to expand its operations in India, as well as grow its EV charging infrastructure and assets.
Interestingly, the company claims it has grown its fleet of 70 electric vehicles in January 2019 to 7,500 EVs plying across Delhi NCR and Bengaluru. Its EVs have clocked over half a billion (500+ million) electric kms and delivered over 16 million electric trips saving nearly 40 million kgs of CO2 emissions since launch. The company has over 9,800 driver partners and also operates one of the largest EV charging infrastructure with 50 EV Charging Hubs spread across 2 million sqft.
BluSmart states it recently crossed INR 5.5 billion ARR ($65 million Annual Revenue Run-rate).
Punit Goyal, Co-Founder, BluSmart said, “BluSmart is building an integrated energy-infrastructure, mobility and technology company to take the full advantage of the EV revolution. Our latest fundraise of $24 million is an important step in our journey to scale the e-mobility fleet and EV Charging Infrastructure.”
Sameer Tirkar, Head of Climate Infrastructure Investments APAC at responsAbility Investments AG said, “We are happy to continue our partnership with BluSmart through our second round of funding. BluSmart has been able to lead the way in building from the grounds up an entire EV ecosystem to disrupt the conventional modes of commute without compromising on reliability and convenience. We believe in their vision and capabilities in creating positive environmental and social impact by reducing carbon emissions in urban transportation.”
Sumant Sinha said, “The future of mobility is electric, and e-mobility is a crucial step in making the shift to cleaner, emissions-free transportation. India’s growing economy and favourable policies provide ample impetus to this transition. I am excited to partner with BluSmart in their growth journey.”
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