Moving Tech has raised $11 million (roughly Rs 92 crore) in a pre-Series A funding round from Blume Ventures and Antler, Google, and other investors. Moving Tech is the company behind the community-led mobility apps Namma Yatri, Yatri Sathi, Yatri, and Mana Yatri.
This is the company’s first venture funding from Bengaluru.
In line with its mission to empower drivers, integrate public transportation, and enhance customer convenience, Namma Yatri plans to invest the fund in technology, research and development, and product innovations, the company announced in a press release. The company also seeks to boost driver earnings by offering dependable, cost-effective, seamless, and environmentally friendly mobility solutions through direct-to-driver and multimodal transportation models.
The ride-hailing company Namma Yatri was split off by payments company Juspay in April to become Moving Tech Innovations Limited. Chief growth officer Shan M S and chief product officer Magizhan Selvan of Juspay are in charge of the new organization.
Namma Yatri was introduced by Moving Tech in Bengaluru in 2022. In addition to being a member of the ONDC Network, Namma Yatri and its app family are completely open-source and feature open data metrics.
“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. This funding will enable us to innovate and grow further, said Magizhan Selvan and Shan M S in a joint statement.
Operating in eight cities and towns, Moving Tech boasts 400,000 drivers and 7 million users, and it has facilitated 46 million trips.
With plans to extend the service to Delhi-NCR, Namma Yatri recently launched zero-commission car and taxi rentals in Bengaluru and Chennai. The change will enable it to compete with Ola, Rapido, and Uber—the industry leaders and competitors of the company. A zero-commission plan for auto drivers was also introduced by Uber and Rapido.
