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Jul, 13 2018

Mobycy plans to foray into e-bikes sector, eyes $3 mn VC Fund

Mobycy plans to use the funds to foray into e-bikes and e-scooters on its platform, claiming to be the first one in the country to do so.

Bike-sharing platform Mobycy is in talks to raise $3 million with Venture Catalysts, IDG Ventures and Orios Venture Partners, said the company’s chief executive Akash Gupta.

Mobycy plans to use the funds to foray into e-bikes and e-scooters on its platform, claiming to be the first one in the country to do so.

Founded in 2017 by Gupta and Rashi Agarwal, the Gurugram-based startup enables dockless bicycle sharing. It competes with the likes of Ola’s bike-sharing service Ola Pedal and Zoomcar’s similar service PEDL, among others.

“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.

“We are currently at 7,000 rides per day and expect it to double in the next 1-2 months.” The company piloted with 30 electric bicycles about 1-2 months ago and expect electric vehicles to accelerate their business further.

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