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. “We are grateful to Avon Bicycles and our esteemed investors for reposing faith in us,” said Arjit Soni, Founder & CEO, MYBYK. Soni told The Indian Express that as part of confidentiality agreement with the investors, the percentage of stake acquired by Avon cycles or other investors cannot be revealed. The model will integrate public transport ticketing within the MYBYK app and partner with taxi aggregators and self-drive car rentals. As on date, MYBYK has a total fleet size of 6000-plus cycles spread across multiple cities and campuses.

Source: Indian Express June 02, 2021 23:03 UTC