- Pre-Series A funding round led by Blume Ventures, Antler, Google and other investors.
Bengaluru-based ride-hailing app Namma Yatri has secured a significant milestone in its journey, raising Rs92 crore ($11 million) in a pre-Series A funding round.
The funding, led by prominent investors such as Blume Ventures, Antler and Google, marks a crucial step for the company as it aims to strengthen its technological capabilities, drive research and development, and enhance its product innovations.
Namma Yatri’s vision is to empower drivers, integrate public transport, and improve customer convenience through its direct-to-driver and multimodal transportation models.
By increasing driver earnings while providing reliable, affordable, seamless, and sustainable mobility solutions, the company seeks to address the evolving needs of both commuters and service providers.
Building sustainable business model
The funding comes on the heels of Namma Yatri’s launch in Bengaluru in 2022, where it gained traction by offering its services to auto drivers with zero commissions.
However, the company has since introduced subscription fees for drivers, signaling its commitment to building a sustainable business model.
Namma Yatri’s open-source and open-data approach, combined with its integration into the ONDC Network, underscores its dedication to transparency and collaboration. This approach aligns with the company’s ambitious goal of creating an impact similar to that of UPI in India and Linux worldwide, by working in partnership with the community, government, and businesses.
With a user base of seven million and 400,000 drivers, Moving Tech, the parent company of Namma Yatri, is already live in eight cities and towns, having facilitated 46 million trips.
The recent introduction of zero-commission auto and cab rentals in Bengaluru and Chennai, with plans to expand to Delhi-NCR, positions Namma Yatri as a formidable player in the ride-hailing market, challenging industry leaders such as Ola, Rapido, and Uber.