Moving Tech Innovations Ltd, the firm behind community-led mobility apps like Namma Yatri and Yatri Sathi, has successfully raised $11 million (Rs 92 crore) in a pre-Series A funding round. The funding round was led by Blume Ventures and Antler, with additional participation from Google and several other investors.
The newly acquired funds will be allocated towards technology development, research and development, and product innovation. The aim is to empower drivers, integrate public transport, and enhance customer experience.
Moving Tech's statement emphasized their commitment to increasing driver earnings through direct-to-driver and multimodal transportation models while providing reliable, affordable, seamless, and sustainable mobility solutions for all.
In April 2020, Softbank-backed Juspay spun off its mobility business into a separate entity named Moving Tech Innovations Ltd. The spun-off business is currently led by Shan M S and Magizhan Selvan, who were part of Juspay.
The leadership duo emphasized their goal of building empathetic products and technology that are significantly better, collaborating with community, government, and business sectors to create impactful solutions akin to UPI in India and Linux worldwide.
Karthik Reddy, partner at Blume Ventures, expressed admiration for Moving Tech's innovative approach to transforming mobility. He highlighted the simplicity and robustness of their technology and product, which can effectively solve mass mobility challenges.
Fady Abdel-Nour and Nitin Sharma, partners at Antler, also praised Namma Yatri's focus on Digital Public Infrastructure (DPI), describing it as pioneering and highlighting their excitement to support the company's inclusive, efficient, and sustainable mobility vision.
Initially launched as the Yatri app, Namma Yatri has expanded its presence to multiple cities, including Bengaluru, Mysuru, Tumkur, Kochi, and Kolkata (under the name Yatri Saathi). Recently, the company extended its services to Chennai, where it facilitates metro-ticket bookings through its platform.
Namma Yatri, introduced in November 2022 in collaboration with Nandan Nilekani's BECKN Foundation and supported by Bengaluru's Auto Rickshaw Drivers' Union (ARDU), promises an alternative to major players like Ola and Uber, which charge 30-40 percent commission. According to the firm's website, drivers' earnings have reached Rs 1.88 crores, with 1.2 lakh trips completed through the platform.
In November 2022, Namma Yatri introduced a direct-payment model in Bengaluru, becoming a pioneer in this approach. This model has attracted attention from other ride-hailing giants like Ola, Uber, and Rapido, who are considering adopting it to circumvent GST charges on their services.
Conclusion
Moving Tech Innovations Ltd's recent funding round marks a significant milestone in its journey to revolutionize the mobility sector. With a strong focus on technology and community-driven solutions, the company is well-positioned to compete with established players and continue its expansion across India. The support from major investors like Blume Ventures, Antler, and Google underscores the confidence in Moving Tech's vision and potential to make a lasting impact on the mobility landscape.