Bicycle-sharing startup MYBYK announced that it has raised $1 million in a pre-Series A round from Avon Cycles and other investors, including Sanjay Baweja, ex-CFO, Flipkart.
This is the first round of funding for the Ahmedabad-headquartered startup.
Mybyk said it plans to use the freshly raised funds to scale up the deployment of technology by introducing electric pedal-assist bicycles, growing the leadership team, and supporting marketing efforts, as it looks at expanding to new geographies in the country. The startup is looking to increase its fleet to two million bikes by 2025.
Commenting on the funding, Arjit Soni, Founder and CEO, MYBYK said, “We are grateful to Avon Bicycles and our esteemed investors for reposing faith in us. This development is a testament to our resolve to redefining the public mobility landscape through accessibility, affordability, and reliability. We remain steadfastly committed to the goal of mitigating carbon footprints through sustainable transportation.”
On the investment, Onkar Singh Pahwa, CMD, Avon Cycles Ltd said, “As a leader in the bicycle industry, it is our innate responsibility and pleasure to extend support to endeavors in promoting cycling as first- and last-mile connectivity solutions. Our contribution to MYBYK shall go a long way in easing pressure on traditional modes of transport and existing infrastructure, as well as bringing about sustainable environmental changes.”
Established in 2014, MYBYK strives to transform Ahmedabad into India’s first bicycle capital by introducing 20,000 bicycles in the city in the next nine to 12 months, and then replicate the success across several other cities in the country.
Currently, MYBYK claims to have a network of over 1,600 cycles across 120+ stations, already making Ahmedabad India’s largest public bicycle share (PBS) city.
The startup is also joining hands with public transport authorities such as Ahmedabad Janmarg Limited (BRTS) and Kochi Metro in its attempt to transform into a Mobility as a Service (MaaS) platform.
The model will combine public transport ticketing in the MYBYK app and partner with taxi aggregators and self-drive car rentals.
“Mobility needs of a user will vary on some days and our vision is to combine all transport options into one affordable subscription” said Arjit Soni.
As of now, MYBYK has a cumulative fleet size of 6,000+ cycles scattered across several cities and campuses. Apart from partnering with smart cities (Ahmedabad, Udaipur, Rajkot, and Kochi) and Metro Rail Authorities (Mumbai Metro, Kochi Metro), MYBYK has also partnered with brands like Reliance Industries Limited (Jamnagar), Adani Shantigram Township (Ahmedabad), SRF Chemicals and Meghmani Finechem (Dahej), and Alembic Pharma (Baroda) to offer intra-campus mobility for their employees/residents.
MYBYK has created an amazing bicycle-sharing platform and has rapidly grown over the years. I’m sure the company will grow even more and increase its presence across several other cities. My best wishes to the team of MYBYK.Shishir Gupta, Founder and CEO, StartupLanes
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