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.
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
Picture Credits: Mobycy