The startup is looking to raise these funds to be able to offer e-bikes and e-scooters on its platform.

Bike-sharing startup Mobycy in talks to raise 3 million to expand offeringsImage source: Facebook
Atom Fund Raising Saturday, July 14, 2018 - 11:33

Gurugram-based bike-sharing startup Mobycy is looking to raise $3 million and is reportedly in talks with Venture Catalysts, IDG Ventures and Orios Venture Partners. The startup is looking to raise these funds to be able to offer e-bikes and e-scooters on its platform, which it claims will make it the first startup with such an offering.

Better mobility, safer environment and physical fitness all rolled into one is the policy of bike-sharing startup Mobycy. Founded in 2017 by Akash Gupta and Rashi Agarwal, the startup enables dockless bicycle sharing and wants to create sustainable mobility.

The Greentech startup has is based out of Gurugram and the one-year old company says it is generating 7000 rides per day and has seen nearly 40,000 users use the service till date and is planning to add another 50,000 bicycles to its platform over the next six months.

They now wish to go big with e-scooters and e-bikes after having done a pilot run with 30 e-bikes.

A majority of people use the bicycles, and in this case the e-bikes for making last mile deliveries. There are people who may use them to reach their point of work or living from the nearest Metro station too.

But its current audience is students and office campuses. It is in talks with nearly 30 universities to deploy its bikes, so students can travel within the campus. It is also talking to large corporate office campuses in Noida, Pune and Bengaluru.

Mobycy is quite upbeat about its prospects with increasing the number of rides and also in making the e-bikes venture very successful. There are others operating in the bicycle sharing business in India like Ola Pedal and PEDI of Zoomcar service. But the business is still in its nascent state countrywide and offers full potential to an operator who can run the service professionally.

Mobycy last raised its Seed Investment round of half a million dollars from an Angel Investor based out of USA in December 2017.

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