 "Namma Yatri parent raises $11 mn in funding from Blume Ventures, Antler")
Moving Tech, the company behind community-led mobility apps Namma Yatri and Mana Yatri, has raised $11 million (Rs 92 crore) in a pre-Series A funding round led by Blume Ventures and Antler, with participation from Google and other investors.
The money will be invested in technology, research, and product innovation to develop an “integrated, fully digitised” and open public transportation system that matches the “convenience and seamlessness of cab or auto travel, thereby increasing the usage of public transport towards a sustainable future”, said a statement.
Namma Yatri and its family of apps, which include Yatri Sathi and Yatri, are fully open-source and are part of the Open Network for Digital Commerce. These apps aim to create a transparent, efficient, and sustainable transportation ecosystem, aspiring to be the "UPI for mobility."
Magizhan Selvan and Shan M S, co-founders of Moving Tech, said the company is committed to sustainable transportation, "With our people-first approach, our goal is to build empathetic products and technology that are 10 times 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," they said.
Moving Tech said it is in eight cities and has facilitated 46 million trips, generating Rs 700 crore in driver earnings without commissions. It has a user base of seven million and 400,000 drivers.
“Moving Tech is at the forefront of transforming mobility with a fresh and innovative model. We were amazed by the simplicity of what the technology and a robust product can do to solve mass mobility. We are glad to partner with an exceptional team and back their grand vision," said Karthik Reddy, partner at Blume Ventures.
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"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. We are thrilled to support them," said Fady Abdel-Nour and Nitin Sharma, partners at Antler.