Moving Tech Innovations, the parent company of popular mobility apps Namma Yatri and Yatri Sathi, has successfully secured $11 million (around ₹91.94 crore) in a pre-Series A funding round.
What Happened: The funding round was led by Blume Ventures and Antler, with Google and other investors also participating. The company intends to use the funds to strengthen its technology, research and development, and product innovation, with a focus on improving the driver and customer experience.
Moving Tech, a spin-off from Softbank-backed Juspay, was established in April 2020. The company is helmed by Shan M S and Magizhan Selvan, both former Juspay executives. The duo has expressed their ambition to build superior tech products and create an impact akin to UPI in India and Linux globally.
See Also: Why Tata Motors Shares Shot Up Sharply On Tuesday
Karthik Reddy, partner at Blume Ventures, commended Moving Tech’s innovative approach to mobility. Similarly, Antler partners Fady Abdel-Nour and Nitin Sharma praised Namma Yatri’s emphasis on Digital Public Infrastructure.
The Namma Yatri app, which was launched in partnership with Juspay and Nandan Nilekani’s BECKN Foundation in November 2022, is considered an alternative to Ola and Uber. The company recently extended its services to Chennai, offering metro-ticket bookings via its platform.
According to the company’s website, the drivers’ earnings are presently at ₹1.88 crore. The firm has also completed 1.2 lakh trips on its platform.
Read Next: Bajaj Auto Shares In Green Ahead Of Q1 Results Heres What To Expect
Engineered by Benzinga Neuro, Edited by Ananthu CU
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.