MYBYK, the largest public bicycle sharing service in India, is transforming the way people commute in cities like Ahmedabad. The company aims to make biking a convenient and efficient mode of transport, providing users with a hassle-free experience.
In the Shark Tank India Season 2 episode, Arijit Soni, the Founder and CEO of MYBYK, presents his innovative bike rental platform. MYBYK allows users to download an app, locate nearby bike hubs, lock their preferred bicycle, and ride it to their destination. With 1000 hubs, 10,000 bicycles, and 7 million downloads, MYBYK has seen tremendous growth and is seeking investment to further accelerate expansion.
The Journey and Concept:
Arijit Soni, an Ahmedabad native and a qualified chartered accountant, shared his personal experience during the pitch. He realized the need for a more efficient transportation solution when he encountered difficulty in finding rickshaws and taxis for his daily commute. This inspired him to purchase two bicycles, one for his commute from the hostel in Andheri to his office in Dadar, and another for his father to use from Dadar to his office. The idea of starting MYBYK was born from this experience.
Expansion and Growth:
MYBYK started with just two bicycles in 2014 but grew exponentially over the years. With a recent angel round valuation of INR 80 million, MYBYK has secured investments from Seven Rivers Capital and Mr. Sanjay Vijayakumar from the Flipkart Group. Arijit Soni mentioned that MYBYK has achieved a significant market presence in Ahmedabad, with 3,000 bicycles available for rental. Expansion plans include cities like Indore, Kochi, Nagpur, and many others.
Unique Features and Technology:
MYBYK distinguishes itself through its innovative technology. It provides users with a mobile app that not only helps them locate the nearest bike hub but also allows users to reserve bicycles in advance and track their rides using GPS. Additionally, MYBYK has developed an electric bike, which is set to be launched in the next three months. The integration of public transportation services like Ola, Uber, and Zoomcar is also part of their future plans.
The revenue model of MYBYK includes a subscription-based system. Users can choose from daily, weekly, or monthly subscription plans, which offer unlimited access to MYBYK bicycles as well as limited access to public transportation services. MYBYK has generated a revenue of INR 25 lakhs per month, with contributions from 50% rentals, 40% subscriptions, and 10% revenue from trade licenses. The profit margin stands at an impressive 47%.
MYBYK is not just a bike rental service but a sustainable and socially impactful business. By promoting cycling as a mode of transportation, MYBYK aims to contribute to a cleaner and healthier environment. With its expanding market presence and unique features, MYBYK holds great potential in revolutionizing the way people commute in India.