Namma Yatri Secures $11M Funding, Aims to Revolutionize Mobility

In a significant stride for the Indian mobility sector, Bengaluru -based Moving Tech, the parent company of the community-led mobility app Namma Yatri, has announced a successful pre-Series A funding round. The company has raised a substantial $11 million, equivalent to about Rs 92 crore, in this round. The funding round was led by Blume Ventures and Antler, with participation from tech giant Google and other investors.

Moving Tech, a spin-off from Juspay, has been making waves in the mobility sector since its inception. The company launched its first open mobility app, Yatri, in 2020. Following the success of Yatri, Moving Tech launched Namma Yatri in Bengaluru in 2022. The company's suite of apps, including Namma Yatri, Yatri Sathi, Yatri, and Mana Yatri, are fully open-source, with open data metrics, and are part of the ONDC Network.

The company's co-founders, Magizhan Selvan and Shan MS, have expressed their commitment to creating a transparent, efficient, and sustainable transportation ecosystem. They aspire to make Namma Yatri the UPI for mobility. The co-founders' people-first approach is evident in their goal to build empathetic products and tech that are 10x better.

Investment to Fuel Innovation and Growth

The recent funding will enable them to innovate and grow further. The company plans to invest the funds raised in technology, R&D, and product innovations. The aim is to empower drivers, integrate public transportation, and enhance commuter convenience. 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.

Karthik Reddy, Partner at Blume Ventures, expressed his admiration for Moving Tech's innovative model. He said, 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. Fady Abdel-Nour and Nitin Sharma, Partners at Antler, echoed Reddy's sentiments, adding that Namma Yatri's focus on Digital Public Infrastructure (DPI) is pioneering. They believe that the company is building the mobility of the future—one that is inclusive, efficient, and sustainable.

Impressive Numbers and Future Prospects

Moving Tech's impact is already evident in its impressive numbers. The company is live in eight cities and towns, having facilitated 46 million trips, generating Rs 7 billion in driver earnings without commissions. With a user base of 7 million and 400,000 drivers, the firm is growing rapidly.

The company's success is reminiscent of other game-changing events in the mobility sector. For instance, the rise of Uber and Ola revolutionized the way people commute, providing a platform for drivers and passengers to connect directly. Similarly, Namma Yatri's community-led approach and commitment to open-source and open data are set to transform the mobility sector.

In conclusion, the recent funding round marks a new chapter in Moving Tech's mission to revolutionize mobility and build seamless public transportation. The company's commitment to sustainable transportation, its people-first approach, and its focus on empowering drivers and improving customer convenience are set to make it a significant player in the mobility sector. With the fresh infusion of funds, the company is well-positioned to innovate and grow further, making a significant impact on the mobility sector in India and beyond.