[Funding alert] Bicycle-sharing startup MYBYK raises $1M from Avon Cycles, others 3 CLAPS
Sanjay Baweja, ex-CFO, Flipkart.
This is the maiden round of funding for the
Ahmedabad-headquartered startup. Mybyk said it will use the funding to scale up the deployment of technology by introducing electric pedal-assist bicycles, expanding the leadership team and bolstering marketing efforts, as it looks at expanding to new geographies in India. The startup is targetting to increase its fleet to two million bikes by 2025.
“We are grateful to Avon Bicycles and our esteemed investors for reposing faith in us. This development is a testament to our resolve to redefining the public mobility landscape through accessibility, affordability, and reliability. We remain steadfastly committed to the goal of mitigating carbon footprints through sustainable transportation, said Arjit Soni, Founder and CEO, MYBYK.
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