Cycle-sharing startup Mobycy raises $500k in seed funding

NEW DELHI: Gurgaon-based bicycle-sharing startup Mobycy has raised $500,000 seed funding from angel investors. The company will launch in a few days and will make 5,000 bicycles available in Delhi, Noida, Gurgaon, Chandigarh and Faridabad.

The app is already available on Android PlayStore, users will soon be able to book a ride for Rs 1 per hour.

According to the company, the bicycles are enabled with IoT locks and GPS tracking and can be operated without docks or stations for parking. The startup is targeting users who need to commute a distance of 3-6 km using their bicycles.