MYBK will use the funding to expand the leadership team, scale-up technology by introducing electric pedal-assist bicycles, and bolstering their marketing efforts, while they look at expanding to new locations in the country
MYBYK a public bicycle-sharing start-up has raised $1 million in pre-Series A funding from Avon Cycles, among other investors, including Sanjay Baweja, former-CFO, Flipkart. This is the maiden round of funding for the Ahmedabad-based start-up. ļ»æMYBKļ»æ will use the funding to expand the leadership team, scale-up technology by introducing electric pedal-assist bicycles, and bolstering their marketing efforts, while they look at expanding to new locations in the country. The platform is planning to increase its fleet to two million bicycles by 2025. They aim to provide first and last-mile connectivity solutions.
Founded in 2014, MYBYK aims to transform Ahmedabad into the country’s first bicycle capital by introducing 20,000 bicycles in the city. If the model succeeds, they then plan on replicating it in multiple cities across India. Presently, MYBYK claims to have a network of over 1,600 cycles available over 120 stations, already making Ahmedabad the country’s largest public bicycle share (PBS) city.
The startup is also partnering with public transport authorities such as Ahmedabad Janmarg Limited (BRTS) and Kochi Metro in its endeavor 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.
Source: Business World
