Mobycy, a bike sharing platform is expected to raise ₹20 crores ($3 million) from Venture Catalysts, IDG Ventures, and Orios Venture Partners. The funds raised will be used to foray into e-bikes and e-scooters on its platform.
Mobycy, a dockless bike sharing platform aims to create a healthy and fitter country, along with solving the last mile connectivity problem at a nominal cost. It was founded by Akash Gupta and Rashi Agarwal in 2017 with its headquarter in Gurugram.
“The bicycles are primarily used for last-mile delivery and places at metro stations, apartment complexes, etc,” said Gupta, CEO of Mobycy, which is operational in Gurugram, Faridabad, and Noida.
The startup has utilized 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.
Its services are currently available in cities like Delhi, Jaipur, Faridabad, Noida, Gurugram, among others and expected to expand to more cities soon. Mobycy claims to have clocked 7000 rides a day through its platform and expects this number to double in the next 1-2 months. Its electric bicycles that debuted a few months back is also expected to further accelerate the business.
In this space, Mobycy competes with the like of Ola Pedal, Ola‘s bike sharing service, PEDL, Mobike, and WheelStreet, among other players in the country.