Mobycy, the Gurugram-based bike-sharing startup has now raised an undisclosed amount of funds in the angel funding round, which was led by the incubation platform, Venture Catalysts.
The investors which have participated in the round through the Venture Catalysts are Gaurav Juneja, Ayush Agarwal, Bhaskar Raju, and Syed Faiz. In the year 2017, Mobycy raised $500,000 in a seed funding round.
The company is going to use the newly acquired funds for the expansion of its operations across different cities which includes cities like Kota, Noida, and Gurugram.
Mobycy was founded in the year 2017 by Akash Gupta, a former MobikWik executive and IIPM alumnus Rashi Agarwal. It basically provides a platform through which users can rent e-scooter, bicycles, and e-bikes, thereby solving the last mile problem. Moreover, It has provided an environment-friendly and efficient alternative to its users for short distance commutes.
The startup works on the IoT-based technologies to enable its platform with integrated GPS lock technology. This helps secure the bikes as well as cashless payments so that users can carry out smooth, secure, and easy transactions.
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