DBT Bureau
Bengaluru, 16 July 2024
Bengaluru-based ride-hailing app, Namma Yatri has raised $11 million (around Rs 92 crore) in a pre-Series A funding round led by Blume Ventures and Antler. In this round of funding, Google and several other investors also participated.
Parent company of Namma Yatri- Moving Tech, which is a spin-off of Juspay, plans to invest the funds in technology, R&D, and product innovation to empower drivers, integrate public transport, and enhance customer experience.
“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,” the company said in a statement.
Softbank-backed Juspay spun off the mobility business into a separate firm named Moving Tech in April, 2020. Shan M S and Magizhan Selvan, who were part of JusPay, are currently leading this mobility business, Namma Yatri.
“Moving Tech is at the forefront of transforming mobility with a fresh and innovative model. We were amazed by the simplicity of what the tech and a robust product can do to solve mass mobility. We are glad to partner with an exceptional team and back their grand vision,” Karthik Reddy, partner at Blume Ventures, said.
Commenting on the fund raise, Fady Abdel-Nour and Nitin Sharma Partners at Antler said, “ “Namma Yatri’s focus on Digital Public Infrastructure (DPI) is pioneering. They are building the mobility of the future—one that is inclusive, efficient, and sustainable. We are thrilled to support them.”
Namma Yatri started its operations in Bengaluru, Mysuru, Tumkur, and Kochi. In Kolkata, it was introduced as Yatri Saathi. The ride-hailing app has recently expanded its services in Chennai.
