The new funds will be invested in tech, R&D, and product innovations to develop an integrated, fully digitised, and open public transportation system.
16 Jul 2024 | 3775 Views | By Autocar Professional Bureau
Moving Tech, the company behind India’s leading community-led mobility apps Namma Yatri, Yatri Sathi, Yatri, and Mana Yatri, has raised $11 million (₹92 Cr) in a pre-Series A funding round led by Blume Ventures and Antler, with participation from Google and other investors. Through direct-to-driver and multimodal transportation models, Moving ...
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Moving Tech, the company behind India’s leading community-led mobility apps Namma Yatri, Yatri Sathi, Yatri, and Mana Yatri, has raised $11 million (₹92 Cr) in a pre-Series A funding round led by Blume Ventures and Antler, with participation from Google and other investors. Through direct-to-driver and multimodal transportation models, Moving Tech aims to increase driver earnings while providing reliable, affordable, seamless, and sustainable mobility solutions for all.
The new funds will be invested in tech, R&D, and product innovations to develop an integrated, fully digitised, and open public transportation system.
Karthik Reddy, Partner at Blume Ventures, said, "Moving Tech is at the forefront of transforming mobility with a fresh and innovative model. We were amazed by the simplicity of what the tech and a robust product can do to solve mass mobility. We are glad to partner with an exceptional team and back their grand vision." Fady Abdel-Nour and Nitin Sharma Partners at Antler, added, "Namma Yatri’s focus on Digital Public Infrastructure (DPI) is pioneering. They are building the mobility of the future—one that is inclusive, efficient, and sustainable. We are thrilled to support them.”
Magizhan Selvan and Shan M S, Co-founders of Moving Tech, emphasized the company’s commitment to sustainable transportation, "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."
Moving Tech is live in 8 cities and towns, having facilitated 46 million trips. With a user base of 7 million and 400,000 drivers, the company is growing rapidly.