The investors that participated in the round through Venture Catalysts are Syed Faiz, Gaurav Juneja, Ayush Agarwal, and Bhaskar Raju.
The funds raised will be used to expand its operations across cities it already has a presence in, including Gurugram, Noida, and Kota.
Mobycy was founded by former MobiKwik executive Akash Gupta and IIPM alumnus Rashi Agarwal in 2017. The startup provides a platform to enable users to rent e-bikes, e-scooter, and bicycles, solving the last mile problem.
The startup utilizes the latest IoT based technologies to enable its platform with integrated GPS lock technology to secure the bikes, along with cashless payments to help the users in smooth and easy transactions. It has provided its users with an efficient and environment-friendly alternative for short distance commutes.
The usage of its platform is easy since it is available as an app for both iOS and Android users. The users can simply use the app to scan the QR code on the bikes to unlock it and ride the bike as per their convenience. After the ride is completed, the bikes can be parked anywhere on public pavements, excluding any private property and process their payments digitally on the app.
In November 2017, Mobycy raised $500,000 in a seed funding round.
Other players competing with Mobycy in the bike sharing domain, include, PEDL, Bengaluru-based Yulu, and Ola Pedal, among others.