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Mobycy India s First Dockless Bicycle Sharing Start-up Raises 500K in Seed Funding

Mobycy, India’s “First Dockless Bicycle Sharing Start-up’ Raises $500K in Seed Financing

The greentech start-up cofounded by ex-Marketing Head of Mobikwik, aims at making dockless biking low-cost starting at Re 1.

Driven to solve the growing pollution threat and traffic jam on roads, cofounders Akash Gupta and Rashi Agarwal have released Mobycy– India’s “first dockless bike sharing app”. Mobycy was launched earlier in 2017 and based from Gurugram, is presenting users with a special and first-of-its-kind ‘Uber for bicycles’ design in India. Owing to the novelty of the concept, and its widespread scope for adoption in Indian markets, Mobycy has actually been effective in raising seed financial investment worth half a million dollars from an angel investor based in the U.S.A. Mobycy is now live on Android Playstore for initial preview, simply couple of days prior to the service launch.Mobycy’s collection of smart bikes is enabled with IoT locks and GPS tracking, and hence, can be operated without docks or stations for parking. Users can utilize the Mobycy app to find bikes in the area, unlock the bikes with QR Codes and upon completion, park the bikes safely in the area– with the only exception of a gated neighborhood and personal compounds. Taking a look at the big problem of last mile connectivity in India, the startup also aims to assist users commute their last mile distance of 3 to 6 kilometers with their anytime, anywhere readily available bicycles.Akash Gupta, cofounder of Mobycy, said, “We already know how contamination is a big hazard, provided the smog that recently enveloped huge parts of North India. In addition to pollution, traffic jams have actually grown to haunt urban mobility. At Mobycy, we imagined an easy service to these growing menaces– by reviving cycling. The concept behind the startup is to take advantage of most current innovation to make bicycles quickly available and budget-friendly, while promoting cycling among everyday commuters for decreasing the carbon footprint. We even more predict a substantial beneficial reaction from our users who might wish to adopt cycling for travelling shorter ranges, leading a fitter, healthier way of life, and contributing towards fighting the pollution hazard.”

Mobycy is launching its operations with presently 5000 bikes and pictures increasing it to 50,000 in the next 6 months. The bikes will be readily available in the Delhi NCR areas, including Delhi, Noida, Gurgaon, Chandigarh and Faridabad. The bikes will be available at different public locations, like city stations, markets, popular haunts like North Campus and Cyber City. Furthermore, students from numerous colleges and universities, such as Amity Noida, MDI Gurgaon, and Delhi University will be able to employ the wise bikes from Mobycy at a subsidized subscription plans.The current model of Mybocy makes dockless cycling cheap at about Re 1 per hour flight, or less. Under the regular monthly plan, users will pay Rs 99 for 2 hourly flights each day. Additionally, the users will have to register using their Aadhar recognition and pay a small down payment worth Rs 999, which is completely refundable. For trainees, the down payment is just Rs 499 and signup will be utilizing their college picture identification. The startup is more intending for aggressive development, increasing the existing number of cycles to 50,000; Mobycy wishes to broaden to 12 more cities in next 6 months and 20 key cities by next year.

Source

http://bwdisrupt.businessworld.in/article/Mobycy-India-s-First-Dockless-Bicycle-Sharing-Startup-Raises-500K-in-Seed-Funding/06-12-2017-133803

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