Bicycle-sharing startup MYBYK gets USD 1 mn funding from investors
This is the maiden round of funding for the Ahmedabad-headquartered and bootstrapped startup.
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The RMC had distributed Rs 45 lakh worth of bicycle subsidy last year and the civic body has made provision of Rs 50 lakh for this purpose in its budget for financial year 2021-22.Gujarat-based bicycle-sharing startup MYBYK has raised USD 1 million in pre-Series A funding from Avon Cycles and other investors, including Sanjay Baweja, ex-CFO, Flipkart, an official release from the company stated here on Wednesday.
This is the maiden round of funding for the Ahmedabad-headquartered and bootstrapped startup. MYBYK will use the funding to scale up the deployment of technology including introducing electric pedal-assist bicycles, expand the leadership team and bolster marketing efforts, as it looks forward to expanding to new geographies in India, the release added. The startup is targeting to increase its fleet to two million bikes by 2025.
“As a leader in the bicycle industry, it is our innate responsibility and pleasure to extend support to endeavours 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,” Onkar Singh Pahwa, CMD, Avon Cycles Ltd, stated.
MYBYK aims to transform Ahmedabad into the country’s first bicycle capital by introducing 20,000 bicycles in the city in the next 9-12 months and then replicate the success across multiple cities in India. “We are grateful to Avon Bicycles and our esteemed investors for reposing faith in us,” said Arjit Soni, Founder & CEO, MYBYK. Soni told The Indian Express that as part of confidentiality agreement with the investors, the percentage of stake acquired by Avon cycles or other investors cannot be revealed.
The startup is also partnering with public transport authorities such as Ahmedabad Janmarg Limited (BRTS) and Kochi Metro in its endeavour to transform into a Mobility as a Service (MaaS) platform. The model will integrate public transport ticketing within the MYBYK app and partner with taxi aggregators and self-drive car rentals. As on date, MYBYK has a total fleet size of 6000-plus cycles spread across multiple cities and campuses.
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