Bicycle-sharing startup MYBYK gets USD 1 mn funding from investors
Summary
Gujarat-based bicycle-sharing startup MYBYK has raised USD 1 million in pre-Series A funding from Avon Cycles and other investors, including Sanjay Baweja, ex-CFO, Flipkart, an official release from the company stated here on Wednesday. “As a leader in the bicycle industry, it is our innate responsibility and pleasure to extend support to endeavours in promoting cycling as first and last mile connectivity solutions. Our contribution to MYBYK shall go a long way in easing pressure on traditional modes of transport and existing infrastructure as well as bringing about sustainable environmental changes,” Onkar Singh Pahwa, CMD, Avon Cycles Ltd, stated. The startup is also partnering with public transport authorities such as Ahmedabad Janmarg Limited (BRTS) and Kochi Metro in its endeavour to transform into a Mobility as a Service (MaaS) platform. The model will integrate public transport ticketing within the MYBYK app and partner with taxi aggregators and self-drive car rentals.