Public bicycle-sharing startup MYBYK has raised $1 million in pre-Series A funding from Avon Cycles and other investors, including 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.
