Moving Tech, the company behind the ride-hailing app Namma Yatri, bagged $11 million (about Rs 92 crore) in a pre-Series A funding round led by Blume Ventures and Antler, with participation from Google and other investors.
The company will use the funds raised in its first external round for technology, research and development, and product innovations to create an integrated, fully digitised, and open public transportation system, it noted in a statement.
“With our people-first approach, our goal is to build empathetic products and tech that are 10x better. By collaborating with Samaaj (Community), Sarkar (Government), and Bazaar (Business), we aspire to create an impact similar to UPI in India and Linux worldwide,” Magizhan Selvan and Shan M S, Co-founders of Moving Tech, said, adding that this funding will enable it to innovate and grow further.
The mobility business, initially launched and managed by payment infrastructure company JusPay, was spun off as a separate entity, Moving Tech Innovations Ltd, earlier this year.
In April, Namma Yatri piloted its taxi service on its home turf, Bengaluru. The app maintains the same revenue model for its taxi-hailing service as for its auto-hailing service.
Earlier this year, the app launched its auto-booking services in Chennai with 10,000 drivers on its platform. In January, it expanded to New Delhi with another 10,000 drivers, enhancing first and last-mile connectivity with metro services.
“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,” said Karthik Reddy, Partner at Blume Ventures.
The company started its journey in 2020 with an open mobility app, Yatri, developed on the BECKN/ONDC protocol. Namma Yatri was introduced in Bengaluru in 2022. The entire family of Namma Yatri apps operates under an open-source model, integrated into the ONDC Network.
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BECKN is an open-source protocol designed to create a decentralised digital commerce network. The Open Network for Digital Commerce (ONDC), built on BECKN, is an Indian government initiative to democratise digital commerce.
The company’s ride-hailing services are operational in eight cities and towns, facilitating 46 million trips and generating Rs $7 billion in earnings for drivers. It claims to have a user base of 7 million and a network of 400,000 drivers.
“Namma Yatri’s focus on Digital Public Infrastructure is pioneering. They are building the mobility of the future—one that is inclusive, efficient, and sustainable,” Fady Abdel-Nour and Nitin Sharma Partners at Antler, noted.
Moneycontrol was the first to report about Namma Yatri’s funding.
Edited by Suman Singh
