Google backs Uber-rival Namma Yatri in $11 million funding round
Moving Tech Innovations Ltd, the Bengaluru-based company that operates community-led mobility apps including Namma Yatri, has secured $11 million in a pre-Series A funding round. The round was led by Blume Ventures and Antler, with participation from Google and other investors. This marks the first venture funding for the company. "This funding will enable us to innovate and grow further," said Magizhan Selvan and Shan M S in a joint statement, top executives at Moving Tech Innovations.
Namma Yatri to invest in tech, R&D, and product innovations
Namma Yatri plans to use the funds to invest in technology, research and development (R&D), and product innovations. The company's goal is to empower drivers, integrate public transport, and enhance customer convenience through direct-to-driver and multimodal transportation models. "Our goal is to build empathetic products and tech that are 10x better," said Selvan and Shan.
Moving Tech's Namma Yatri: A journey of growth and innovation
In April 2024, payment firm Juspay spun off its ride-hailing subsidiary, Namma Yatri, into a separate entity called Moving Tech Innovations Limited. The new entity is led by Juspay's chief growth officer Shan M S and chief product officer Magizhan Selvan. Since its launch in Bengaluru in 2022, Namma Yatri has grown to a user base of 7 million with 400,000 drivers and facilitated 46 million trips.
Namma Yatri introduces zero-commission auto and cab rentals
Recently, Moving Tech introduced zero-commission auto and cab rentals in Bengaluru and Chennai with plans to expand this service to Delhi-NCR. This strategic move is expected to help the company compete with market leaders such as Ola, Rapido, and Uber who have also launched a zero commission model for auto drivers. "By collaborating with Samaaj (Community), Sarkar (Government), and Bazaar (Business), we aspire to create an impact similar to UPI in India and Linux worldwide," said Selvan and Shan.
