- Yatri parent, Moving Tech, secures $11 million funding from Blume Ventures, Antler, and Google
- Funds to be invested in technology, R&D, and product innovation for driver empowerment and enhanced customer experience
- Moving Tech aims to increase driver earnings and provide reliable, affordable, seamless, and sustainable mobility solutions
- Company leaders emphasize a people-first approach and collaboration with community, government, and businesses
- Namma Yatri app launched as an alternative to Ola and Uber, introducing subscription and direct-payment models, expanding to multiple cities
Yatri Parent Funding: Namma Yatri Secures $11 Million Investment from Blume Ventures, Antler, Google
In a recent development, Moving Tech Innovations Ltd, the parent company of popular community-led mobility apps Namma Yatri and Yatri Sathi, has successfully raised $11 million in a pre-Series A funding round. This significant investment was led by prominent investors such as Blume Ventures and Antler, with the participation of tech giant Google and several other backers. The infusion of funds is set to pave the way for further advancements in technology, research and development, and product innovation aimed at empowering drivers, integrating public transport systems, and enhancing the overall customer experience.
Empowering Drivers and Enhancing Mobility Solutions
The primary objective of Moving Tech, through its flagship apps Namma Yatri and Yatri Sathi, is to revolutionize the mobility sector by providing reliable, affordable, seamless, and sustainable transportation solutions for all. By employing direct-to-driver and multimodal transportation models, the company aims to not only increase driver earnings but also ensure a superior level of service for commuters. The infusion of $11 million in funding will enable Moving Tech to invest in cutting-edge technologies and innovative product offerings that cater to the evolving needs of the market.
Spinning Off Mobility Business for Growth
In a strategic move back in April 2020, Softbank-backed Juspay spun off its mobility business into a separate entity known as Moving Tech. The reins of this spun-off mobility business are now helmed by industry veterans Shan M S and Magizhan Selvan, who bring a wealth of experience and expertise to the table. With a people-first approach and a commitment to building products that are not just better but 10 times superior, the leadership team at Moving Tech is poised to drive significant impact across the mobility landscape.
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Driving Innovation and Collaboration for Future Growth
The recent funding round signifies a major milestone for Moving Tech as it embarks on a journey to innovate and expand its market presence further. By fostering collaborations with various stakeholders including the community, government, and businesses, the company aims to create a transformative impact akin to the success of UPI in India and Linux on a global scale. The backing of investors such as Blume Ventures, Antler, and Google underscores the confidence in Moving Tech’s vision to reshape the future of mobility through technological innovation and customer-centric solutions.
The $11 million funding secured by Namma Yatri’s parent company Moving Tech represents a significant step towards driving growth, innovation, and sustainability in the mobility sector. As the company continues to leverage cutting-edge technologies and strategic partnerships, it is poised to redefine the way people commute and access transportation services in the digital age. With a strong focus on empowering drivers, enhancing customer experience, and fostering collaboration across diverse sectors, Moving Tech is well-positioned to lead the charge towards a more inclusive, efficient, and sustainable mobility ecosystem.
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