Namma Yatri Parent Secures $11 Million in Funding from Google, Blume Ventures, and Others
Moving Tech Innovations Ltd., the company behind community-led mobility apps Namma Yatri and Yatri Sathi, has raised $11 million (INR 92 crore) in a pre-Series A funding round. Google and a number of other investors joined Blume Ventures and Antler in leading the round.
The money will be put into research and development, new products, and technology so that drivers can be more empowered, public transport can be more integrated, and the customer experience can be better.
Through direct-to-driver and multimodal transportation models, Moving Tech aims to increase driver earnings while providing reliable, affordable, seamless, and sustainable mobility solutions for all, according to a statement from the company.
The mobility division of Juspay, which was backed by Softbank, was spun off into Moving Tech in April 2020. Former Juspay employees Shan M S and Magizhan Selvan are at the forefront of the newly formed mobility company.
Magizhan Selvan and Shan M S, Co-founders of Moving Tech, said, With our people-first approach, our goal is to build empathetic products and tech that are 10x better. By collaborating with Samaaj (Community), Sarkar (Government), and Bazaar (Business), we aspire to create an impact similar to UPI in India and Linux worldwide. This funding will enable us to innovate and grow further.
So, What Exactly is Namma Yatri?
Namma Yatri, which began its operations in November 2022, is a transportation app that competes with Rapido, Ola, and Uber. Drivers could retain the whole fee on Namma Yatri, in contrast to rivals, who usually take a 30% cut.
However, drivers who wished to list their services on the app started to pay a monthly fee in 2023. Up to 10 journeys each day cost the drivers INR 3.5 per trip, while an unlimited subscription costs INR 25. According to the company's accessible dashboard, Namma Yatri has 73.9 lahks registered consumers and 4.19 lakh drivers who have earned INR 714.03 crore from 4.63 crore trips completed thus far.
Namma Yatri, Accelerating Growth by Dogging Sector Giants
Namma Yatri became the first to implement the direct-payment concept in Bengaluru. Afterwards, other major ride-hailing companies including Rapido, Ola, and Uber have shown interest in implementing this strategy to save GST fees.
Namma Yatri first appeared in Bengaluru, Mysuru, Tumkur, and Kochi when it was introduced as the Yatri app. In Kolkata, it was initially introduced as Yatri Saathi. The business has just extended its operations to Chennai, where it now lets users order "metro tickets" online.
Anga Mahatara
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