This is the maiden round of funding for the Ahmedabad-headquartered and bootstrapped startup.
Funding from investors
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.
Use the Funding
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.
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.
The startup is partnering with
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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