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Mobycy, India’s “First Dockless Bicycle Sharing Startup’ Raises $500K in Seed Funding

The greentech startup cofounded by ex-Marketing Head of Mobikwik, aims at making dockless cycling cheap starting at Re 1.

Driven to solve the growing pollution menace and traffic congestion on roads, cofounders Akash Gupta and Rashi Agarwal have launched Mobycy – India’s “first dockless bicycle sharing app”. Mobycy was launched earlier in 2017 and based out of Gurugram, is presenting users with a unique and first-of-its-kind ‘Uber for bicycles’ model in India. Owing to the novelty of the idea, and its widespread scope for adoption in Indian markets, Mobycy has been successful in raising seed investment worth half a million dollars from an angel investor based in the USA. Mobycy is now live on Android Playstore for initial preview, just few days before 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 use the Mobycy app to find bikes in the vicinity, unlock the bikes with QR Codes and upon completion, park the bikes safely in the vicinity – with the only exception of a gated community and private compounds. Looking at the big issue of last mile connectivity in India, the startup also aims to help users commute their last mile distance of 3 to 6 kilometers with their anytime, anywhere available bicycles.

Akash Gupta, cofounder of Mobycy, said, “We already know how pollution is a big menace, given the smog that recently enveloped major parts of North India. Along with pollution, traffic jams have grown to haunt urban mobility. At Mobycy, we envisioned a simple solution to these growing menaces – by bringing back cycling. The idea behind the startup is to leverage latest technology to make bicycles easily accessible and affordable, while promoting cycling amongst daily commuters for reducing the carbon footprint. We further foresee a huge favourable response from our users who may want to adopt cycling for commuting shorter distances, leading a fitter, healthier lifestyle, and contributing towards fighting the pollution menace.”

Mobycy is launching its operations with currently 5000 bicycles and envisions increasing it to 50,000 in the next 6 months. The bicycles will be available in the Delhi NCR regions, including Delhi, Noida, Gurgaon, Chandigarh and Faridabad. The bikes will be available at various public places, like metro stations, markets, popular haunts like North Campus and Cyber City. Additionally, students from various colleges and universities, such as Amity Noida, MDI Gurgaon, and Delhi University will be able to hire the smart bikes from Mobycy at a subsidized subscription plans.

The current model of Mybocy makes dockless cycling cheap at about Re 1 per hour ride, or less. Under the monthly plan, users will pay Rs 99 for 2 hourly rides per day. Additionally, the users will have to sign up using their Aadhar identification and pay a nominal security deposit worth Rs 999, which is fully refundable. For students, the security deposit is only Rs 499 and signup will be using their college photo identification. The startup is further aiming for aggressive growth, increasing the existing number of cycles to 50,000; Mobycy wants to expand to 12 more cities in next 6 months and 20 key cities by next year.

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