Venture Catalysts makes an undisclosed amount in angel funding in Mobycy to streamline electric bike sharing industry for last mile connectivity in India

In its constant endeavour to improve the innovation quotient in India by reinforcing best-in-breed ideas, Venture Catalysts has now invested in Mobycy through an angel funding round with undisclosed amount. Prominent investors from Venture Catalysts network Mr. Syed Faiz, Gaurav Juneja, Ayush Agarwal, Bhaskar Raju and many others participated in round. The green-tech start-up aims to solve the last mile commuting problem in the country and make India a greener, fitter nation with their shared mobility app. With this round of funding, India’s first dockless bike sharing app is now all the more prepared to revolutionise the country’s commuting market worth $1 billion with electric scooters & e-bikes by resolving its traffic and pollution woes in the most affordable way.

Mobycy has been building an Uber-Like-Business of Bikes, through which a user can locate bikes around him/her on the app, unlock it by scanning QR Code, ride and then simply park it at the destination to end the ride. All this is managed by IOT, GPS-enabled smart devices powering these green Mobycy bicycles and e-bikes. The company is headquartered in Gurgaon and is live in 3 cities already.

The company has been founded by Akash Gupta, who was the Ex-VP & Head Marketing of MobiKwik and had also worked with Snapdeal and Airtel. The other two founders accompanying him with all the ideation, operations and execution are Rashi Agarwal, who carries 10+ years of experience in Finance, HR & Operations and Anuj Patel, an early starter in the Indian tech startup space with 6+ years of experience in technology, working with ECom express and Amazon. Anuj has built more than 15 apps so far.

Speaking on the investment, Dr. Apoorv Ranjan Sharma, Co-founder & President – Venture Catalysts, said, “Mobycy is trying to solve one of the basic requirements of consumers in tier-1 cities i.e. last-mile connectivity. It is disrupting this segment with a clear intention of standardizing travel without adding on to the traffic and pollution levels. The company has been growing 2x every month with a strong on-ground presence and a lean execution approach. Its unit economics are the best in the industry and it has been clocking significant revenues each month. Witnessing the growth of Mobycy and the team’s promising vision, we have decided to bolster its mission of capturing a larger market share with e-bikes through this round of capital infusion.”

Akash Gupta, Co-Founder of Mobycy  said, “With our seed round of funds last year in December, we were managing 1.25 lac+ monthly rides on 1,200+ bikes across 3 cities (Gurgaon, Noida, Kota) and many universities. Within one year, we have been recognised by the DIPP StartUpIndia, TechSparks, Niti Aayog & WRI as best mobility startup of India.  Now, with VCats displaying its confidence and support in our business model by backing us financially and strategically, we are looking at further amplifying this growth with our pivot into e-scooters and e-bikes in a big way and capturing the high-growth market along with expansion in current cities. India needs shared electric 2-wheelers and Mobycy’s focus is to continue working with innovations to remain as the best shared mobility bikeshare company of India.”

Launched in November 2017, Mobycy began operations with 1000 dockless cycles that were made available at various public places, like metro stations, markets and other accessible locations. Since last 3 months, company has been pivoting into e-bikes and e-scooters in Gurgaon which has got a tremendous response too. The platform has signed exclusive MOUs with Governments Universities & Tech parks along with corporate tie-ups with corporates like HCL, Tech Mahindra; metro companies like Jaipur Metro, Rapid Metro; city administrations like Kota, Udaipur; universities like Chitkara, Manav Rachna University, with many more such tie-ups have already been signed.

Filed in: News

Recent Posts

Bookmark and Promote!

© 2018 ItVoice | Online IT Magazine India. All rights reserved.
Powered by IT Voice