Moving Tech Secures $11 Million in Funding

Moving Tech, the parent company behind community-driven mobility apps Namma Yatri, Yatri Sathi, Yatri, and Mana Yatri, has successfully raised $11 million (approximately Rs 92 crore) in a pre-Series A funding roundled by Blume Ventures and Antler, with participation from Google and other investors. This marks the first venture capital investment for the Bengaluru-based company.

Investment Focus

The secured funds will be strategically allocated towards technological advancements, research and development, and product enhancements to solidify the company’s vision of empowering drivers, integrating public transportation, and enhancing customer convenience. Through its direct-to-driver and multimodal transportation model, Moving Tech aims to augment driver income while providing reliable, affordable, and eco-friendly mobility solutions.

Spin-off and Leadership

In April 2023, payments firm Juspay spun off its ride-hailing division, Namma Yatri, into an independent entity named Moving Tech Innovations Limited. Shan M S, previously Juspay’s chief growth officer, and Magizhan Selvan, the former chief product officer, assume leadership roles in the new entity.

Community-Centric Approach and Expansion

Launched in Bengaluru in 2022, Namma Yatri and its associated apps operate on an open-source platform, sharing data metrics openly and participating in the Open Network for Digital Commerce (ONDC) initiative.

The company emphasizes a people-centric approach, prioritizing the development of user-friendly products and technologies. With a combined user base of 7 million and 400,000 drivers, Moving Tech has expanded its services to 8 cities and facilitated over 46 million trips.

Innovative Offerings and Market Competition

Namma Yatri recently introduced a groundbreaking zero-commission model for auto and cab rentals in Bengaluru and Chennai, with plans to extend this service to Delhi-NCR. This strategic move positions the company to compete effectively with industry leaders such as Ola, Rapido, and Uber, who have also adopted zero-commission models for auto drivers.