New Delhi, Dec 4 (PTI) Ex-marketing head of mobile walletMobikwik Akash Gupta is planning to launch bicycle hiringservice Mobycy with an initial investment of USD 5,00,000.
"People spend more time and money to cover their lastmile connectivity. When people will come out of metro or bus,they will find our bicycle parked at drop point. They can scanQR code on bicycle to unlock it, and manually lock and leaveit when they reach their destination. Their ride will becompleted after they lock the bicycle," Gupta told PTI.
He said there are challenges of traffic, pollution inbigger cities, which Mobycy aims to resolve along withcontributing to fitness of the people.
"We have received seed funding of USD 5,00,000 (around Rs3.32 crore) which will be invested to roll out the service in4-5 cities in a week from now. Our plan is to expand servicefrom 12 cities in 6 months to 20 cities in one year," Guptasaid.
The service will be rolled out with 5,000 bicycles - inDelhi, Noida, Gurugram, Chandigarh and Faridabad - and laterscale it to 50,000 bicycles across 12 cities.
"The ride will cost people around Re 1. It will beavailable on subscription basis. We will offer 60 rides for Rs99 a month with security deposit of Rs 999 to generalcommuters, and for students in college campus it will be 4rides a day, while monthly fee will remain same," Gupta said.
There will additional charges if ride time crosses onehour, he said.
"We have already tied up with 3-4 (state) governmentswhere we are launching. Mobycy has further partnered with 15-20 institutes," Gupta said.
The service will be available for general commuters from6 am to 10 pm, and in college campuses it will be availableround the clock, Gupta said. PTI PRSBAL.
This is unedited, unformatted feed from the Press Trust of India wire.