Biography of Arjit Soni: Founder and CEO of MYBYK- Entrepreneur
Biography of Arjit Soni:
A Journey Begins
Arjit Soni’s journey as an entrepreneur started in a
household that emphasized the importance of education and hard work. With a
strong foundation in commerce, he pursued his studies with dedication. He
obtained his F.Y.B.Com and S.Y.B.Com degrees from H.A. College of Commerce,
laying the groundwork for his future career in finance and business.
Pursuing Professional Excellence
After completing his initial education, Arjit enrolled at
the University of Mumbai, where he earned his T.Y.B.Com degree in 2008. His
commitment to excellence led him to the Institute of Chartered Accountants of
India, where he achieved the prestigious designation of Chartered Accountant in
2010. This academic background equipped him with the financial acumen essential
for his future endeavors.
Early Career Steps
Arijit began his professional journey in 2007 as an Article
Trainee at Price Waterhouse in Mumbai. Here, he gained invaluable experience in
auditing and finance, developing a keen understanding of business operations.
His time at PwC not only honed his technical skills but also exposed him to the
intricacies of corporate finance and regulatory compliance.
Rising to Partnership
In 2010, after three years of rigorous training, Arjit
transitioned to become a Partner at V.K. Soni & Co. His role involved
providing audit and assurance services, as well as project finance consultancy.
This position marked a significant milestone in his career, allowing him to
lead teams and contribute to various projects that deepened his understanding
of the business landscape.
The Birth of MYBYK
In 2013, driven by a desire to address urban mobility
issues, Arjit founded MYBYK. As the CEO, he envisioned a public bicycle-sharing
service that would make cycling a convenient and enjoyable mode of
transportation. His mission was to enhance the ownership experience of bicycles
and tackle the crucial challenge of first and last-mile connectivity associated
with public transport.
Addressing Urban Mobility
MYBYK was born out of Arijit’s passion for solving urban
mobility problems. The service aimed to encourage cycling, offering a
sustainable and eco-friendly alternative to conventional transportation
methods. By making bicycles more accessible, MYBYK sought to promote healthier
commuting habits and reduce the environmental impact of urban travel.
Expanding the Reach
Starting in Ahmedabad, MYBYK quickly expanded its services
to five additional cities, including Mumbai, Indore, Kochi, Nagpur, and
Udaipur. The growth of the service demonstrated the increasing demand for
cycling solutions in urban areas. Arijit’s vision was to create a network of
bicycle users that could transform the way people think about urban transport.
Entering Shark Tank
On March 10, 2023, Arjit made a memorable appearance on
Shark Tank India, a popular business reality show. The experience of pitching
MYBYK to a panel of investors was both thrilling and nerve-wracking. He
recounted the months of preparation leading up to the pitch, filled with
rehearsals and anticipation. For him, entering the tank felt surreal, as he aimed
to secure investment to take MYBYK to new heights.
Reality of the Pitch
While the show presented a polished version of the pitch,
Arjit noted that much of the detailed discussion was left on the cutting room
floor. The broadcast focused heavily on the financials of MYBYK, which left him
wanting to share more about the underlying social and environmental impacts of
the service. He felt strongly that the narrative should highlight the need for
better public transport solutions and the importance of adopting sustainable
commuting practices.
The Nature of MYBYK
When asked whether MYBYK was a social enterprise or a
business solving social problems, Arijit reflected on the decision to establish
it as a for-profit entity. He believed that a sustainable business model was
crucial for effectively achieving his vision. While purpose drove him, he
recognized the importance of financial viability to ensure the long-term
success of MYBYK.
Biography of Arjit Soni: Founder and CEO of MYBYK- Entrepreneur /Age/Net worth/wife/Arjit Soni story/icycle-sharing service/MYBYK story/investor
Future Pitches and Learnings
If given another chance to pitch on Shark Tank, Arijit would
focus more on communicating the "why" behind MYBYK's mission. He
believed that understanding the reasons behind urban mobility challenges and
the necessity of alternatives was essential for gaining investor support and
public interest.
Seeking Investor Support
As MYBYK aimed to scale its operations, Arijit highlighted
the need for investment in technology and marketing. He emphasized that
building a robust operational model was just the beginning; expanding the
leadership team and enhancing the customer experience were critical for growth.
He sought backing from high-net-worth individuals and retail investors to
support fleet expansion and technological advancements.
Policy Expectations
Arijit expressed hope for more supportive policies from
government departments. While there was momentum at the national level to
promote cycling, he pointed out the lack of implementation at the state and
city levels. He advocated for dedicated bicycle lanes and subsidies for
bicycles to foster an environment conducive to cycling and public transport
use.
Vision for the Future
In the next three to five years, Arijit plans to introduce
electric bike rentals to MYBYK's offerings. His ambitious goal is to
significantly increase the number of bikes available, aiming for 100,000 bikes
in 18 to 24 months and one million bikes within four to five years. This
expansion reflects his commitment to making cycling a mainstream transportation
option.
Ideal Cycling City
When envisioning an ideal city, Arijit shifted the
conversation from cycling alone to broader urban design. He described a city
that prioritizes active transportation options, such as walking and cycling,
while providing safe and accessible public transport. His vision included a
greener, cleaner urban environment where residents could move freely and
safely.
Encouraging Change
To those hesitant about cycling, Arijit encouraged them to
try integrating bicycles into their daily routines. He suggested that
individuals start with short trips, substituting car rides for cycling to promote
health and environmental benefits. His heartfelt appeal aimed to inspire people
to embrace the joys of cycling as a viable mode of transport.
A Lasting Impact
Arijit Soni’s journey as an entrepreneur and
environmentalist exemplifies his dedication to addressing pressing urban
mobility challenges. Through MYBYK, he aims not only to enhance transportation
options but also to contribute to creating more livable and sustainable cities.
His commitment to cycling and public transport reflects a broader vision for a
healthier planet and better urban living for all.
A timeline based on Arjit Soni's journey:
Early Education (1990s) - Grows up in a family emphasizing
education; earns F.Y.B.Com and S.Y.B.Com from H.A. College of Commerce.
2008 - Completes T.Y.B.Com at the University of Mumbai.
2010 - Achieves Chartered Accountant designation from the
Institute of Chartered Accountants of India.
2007 - Begins career as an Article Trainee at Price
Waterhouse in Mumbai.
2010 - Becomes a Partner at V.K. Soni & Co., offering
audit and project finance services.
2013 - Founds MYBYK, a public bicycle-sharing service aimed
at improving urban mobility.
2016 - Expands MYBYK from Ahmedabad to five additional
cities, including Mumbai and Indore.
March 10, 2023 - Appears on Shark Tank India, pitching MYBYK
to investors.
Post-Pitch Reflection - Emphasizes the need to communicate
the social impact of MYBYK more effectively.
2024 - Aims to introduce electric bike
rentals and expand to 100,000 bikes in 18-24 months, with a long-term goal of
one million bikes.
