Suppose you want to go somewhere nearby, what vehicle will you use? Cycle obviously. Now imagine you don’t have a cycle. What will you do now?
To solve this problem Arjit Soni founded MYBYK. This provides a bicycle-sharing service. People can subscribe to different packages and ride cycles from MYBYK. The company is currently operating in 7 cities, and 1000 hubs. They have 10,000 cycles on board. The mobile application has been downloaded 700k times.
Arjit Soni was a CA by profession. When he was commuting from the hostel to the office he faced a lot of problems. He felt the need for a cycle. Later he started working with his father. But he wasn’t enjoying it much. He felt he could do more with his life.
He wanted to create a startup using cycle and that’s how MYBYK happened. Arjit started MYBYK in 2014. He spent 1st 2 years to understand the product market fit. Then started the journey with 1000 cycles. Later they got A1 Cycles as a strategic investor. They also got Sanjay Baweja as an investor.
Arjit Soni came to Shark Tank India seeking ₹2 Crores in exchange for 1% equity in the company. Which gives the company a valuation of ₹200 Crores. That’s a lot of zero I tell you.
|2019 – 2020||₹2.8 Crores|
|2020 – 2021||₹3.2 Crores|
|2021 – 2022||₹5.3 Crores|
|2022 – 2023||₹7.8 Crores|
|2017||₹2.4 Crores||₹10 Crores|
|2021||₹7.5 Crores||₹50 Crores|
Before understanding MYBYK you should understand how similar companies used to operate in the past.
Previously people used to take a cycle from a hub, use the cycle, and then return the cycle to the hub. The smart dock would identify the cycle and lock the cycle. The cycle itself didn’t have any locking mechanism.
How to use the MYBYK application
Once you open the MYBYK application, you’ll see the nearby cycle hub based on your current location. You can see individual cycle number and their reviews in the application. With the help of the reviews, you can choose which cycle you want.
You need to subscribe to a plan before using the cycle. You can even go with the “Pay Per Hour” plan if you want. The monthly plan is their most popular plan. Retention rate is 7.2%.
|Registered Users||7.1 Lakhs|
|Total Transactions||2.2 Lakhs|
|Monthly Active Users|
After choosing the plan, you can connect the cycle with your Bluetooth and it will be unlocked and ready to ride for you.
When you decide to return the cycle, you need to go to a similar hub. Then you can return the cycle and the application will make sure whether it’s in the same hub or not. If It’s not in the same hub then you will be accountable for the cycle.
MYBYK charges a ₹500 security deposit for the cycle.
|2019 – 2020||₹4.5 Lakhs|
|2020 – 2021||₹28 Lakhs|
|2021 – 2022||– ₹26 Lakhs|
|2022 – 2023 (Year to Date)||– ₹28 Lakhs|
|2022 – 2023 (Projection)||₹40 Lakhs|
Peyush Bansal was out. He thought this was a high-risk business and that the founder should evaluate where this business is going in the long run.
Anupam Mittal was out because he couldn’t figure out the total addressable market for this business.
Namita Thapar was out because she thought the total addressable market was too low for this business. Road infrastructure is not up to the mark everywhere. Mass people riding cycle is still a farfetched dream. And if mass people are not using the service then profiting in this business will be very difficult.
Vineeta Singh was out because she thought making a profit in this business would be extremely challenging.
Aman Gupta was out because he didn’t like the company’s valuation.
Amit Jain was out because he wanted to hear more insights about the business that he thought the founder didn’t share.
|Asked Amount||₹2 Crores for 1%|
|Final Deal||No Deal|
|Current Net Worth||₹200 Crores|
|Company Status||In Business|
That was it. Arjit Soni didn’t get any deal in the Shark Tank India. But I wish him all the best.