Mobycy, a bike-sharing platform, is currently in discussions to raise $3 million from IDG Ventures, Orios Venture Partners, and Venture Catalysts, stated Mobycy's Chief Executive Akash Gupta. Mobycy intends to use this new funding to push into e-bikes and e-scooters onto their platform, hoping to be the first in India 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 Zoom Car’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.
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