Mybyk Is a Simple and Sustainable Bike-Sharing Service
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MyByk
MyByk is a simple and sustainable bike-sharing service for intra-city commute. The start-up is based out of Ahmedabad and is currently spread across 4 cities namely Ahmedabad, Gandhinagar, Udaipur and Diu. Apart from the direct service to customers, the company also provides service to businesses and townships.
Following information was gathered from a face-to-face interview with the CEO, Mr. Arijit Soni, city manager Mr. Vishal Tiwari and his colleagues.
Business Models:
B2B Model: The company sells directly to large institutions. In this model, the revenue stream can be on a monthly subscription charged from the institution or as per usage by customers. As of date, Diu and Udaipur have bicycles that have been given out to hotels and the firm also provides intra-campus commute like Reliance Greens Jamnagar, ISRO. Other avenues of this model are residential societies, townships, industrial and corporate parks.
B2C Model: It has also partnered with institutes like IIM Ahmedabad reaching out to its students and faculty; and with Smart-bikes at BRTS bus stops reaching to the localities directly.
Pricing Policy:
Monthly Subscription: This model lends bicycles to customers on a monthly subscription basis. The pricing is different for different models of bicycles and is grouped into 4 prices as below.
Smart Bikes: These are bicycles enabled with smart lock that allows customer to unlock the bicycles with their smartphones and use it to their convenience. This model had three pricing models
Pay-as-you-go: Initial payment(Rs.19) for first one hour and nominal charges(Rs.1) for subsequent hours.
Promo-Plan-149: 900 minutes of free cycling for Rs.149. Nominal charges(Re. 1) per hour after that.
Promo-Plan-599: