Bicycle sharing startup MYBYK looks to raise $2 mn in Series A funding

The startup is bullish on taking its fleet of bicycles from 4000 to 10000 through B2B expansion in next six months

Ahmedabad-based premium bicycle-sharing service MYBYK is looking to raise at least $1million in Series A round of funding as it focuses on ramping up business on the back of B2B intra-campus mobility space.

The next round of fund raising is aimed at aiding its B2B expansion plans. At present, the startup services corporates like Reliance Industries, Adani and SRF Chemicals.

According to Arjit Soni, Founder & CEO, MYBYK, the startup is in talks with the likes of Tata and Aditya Birla in the B2B intra-campus mobility space. In the next six months, the startup is bullish on taking its fleet of bicycles from 4000 to 10000 through B2B expansion.

"The B2B intra-campus mobility segment is currently witnessing robust and sustainable growth due to factors such as ease of accessibility, time and cost savings besides health and environment benefits when compared to existing shuttle services like cars & buses. We are in talks with more number of corporates for B2B servicing which will require additional fleet of bicycles. Hence, we will begin talks with investors as we look to raise $1-2 million in the next round of funding," Soni told Business Standard.

On the back of its expansion and increased B2B services, MYBYK is also looking to double or even treble its revenue from the current Rs 1.8 crore. 

Having bagged the maiden project for the Bus Rapid Transit System (BRTS) in Ahmedabad in 2014, MYBYK is now eyeing expansion to all BRTS stations in Ahmedabad with a fully automated IOT enabled dockless bicycle-sharing service. 

In the B2B segment, the company currently caters to Reliance Industries Limited (900 cycles), ISRO (300 cycles), Adani Shantigram, SRF Chemicals Ltd., Baxter, and Wonder Cement, among others.