BENGALURU: Local ride-hailing application Namma Yatri has successfully secured Rs92 crore ($11 million) in a pre-Series A funding round, with prominent investors such as Blume Ventures, Antler, and Google leading the investment. This marks the first external funding for the Bengaluru-headquartered company.
The primary goal of Namma Yatri is to utilise the funds for advancements in technology, research and development, and product innovations that align with its vision of empowering drivers, integrating public transport, and enhancing customer convenience, as outlined in a recent press release.
By employing direct-to-driver and multimodal transportation strategies, the company strives to enhance driver earnings while offering dependable, cost-effective, seamless, and sustainable mobility solutions.
The journey of Namma Yatri began in Bengaluru in 2022, following its spin-off from payments firm Juspay into a distinct entity called Moving Tech Innovations Limited. The leadership of the newly formed entity rests in the hands of Juspay’s Chief Growth Officer, Shan M S, and Chief Product Officer, Magizhan Selvan.
Moreover, Namma Yatri and its suite of applications operate on an open-source basis, emphasizing transparency through open data metrics and integration into the ONDC Network.
Human-centric approach
After gaining traction by providing zero-commission services to auto drivers in Bengaluru, the ride-hailing platform initiated subscription fees for drivers in September last year. Additionally, Namma Yatri expanded its services to include cab rentals in Bengaluru in April, effectively entering into competition with industry giants such as Ola and Uber.
Emphasising a human-centric approach, the company aims to develop innovative products and technologies aimed to be tenfold superior. Through collaboration with the society, government, and business sectors, Namma Yatri envisions creating an impact similar to UPI in India and Linux globally.
The recent funding injection will fuel further innovation and expansion, according to a joint statement by Magizhan Selvan and Shan M S.
Currently boasting a user base of 7 million and a network of 400,000 drivers, Moving Tech operates in eight cities and towns, facilitating a total of 46 million trips.
Namma Yatri recently introduced zero-commission auto and cab rental services in Bengaluru and Chennai and plans to extend this offering to Delhi-NCR, positioning itself competitively against industry leaders such as Ola, Rapido, and Uber, all of whom have also introduced zero commission models for auto drivers.
