Moving Tech 11M Dollers funding community

Moving Tech Secures $11M to Drive Community-Driven Mobility Solutions

Moving Tech Innovations Ltd, the brain behind community-driven mobility apps such as Namma Yatri and Yatri Sathi, has recently secured $11 million (Rs 92 crore) in a pre-Series A funding round. This significant investment was spearheaded by Blume Ventures and Antler, with notable participation from Google and several other investors. This financial boost is set to be a game-changer for Moving Tech as they channel these funds into technology, research and development (R&D), and product innovation.

Empowering Drivers and Enhancing Public Transport

Moving Tech aims to utilize these funds to empower drivers, integrate public transport, and enhance the overall customer experience. The company’s commitment to innovation is evident as they strive to provide reliable, affordable, seamless, and sustainable mobility solutions for all through direct-to-driver and multimodal transportation models. These initiatives are expected to significantly increase driver earnings and offer a superior experience to users.

Leadership and Vision

In April 2020, Softbank-backed Juspay spun off its mobility business, leading to the birth of Moving Tech. The company is currently helmed by Shan M S and Magizhan Selvan, both former members of JusPay. Under their leadership, Moving Tech has adopted a people-first approach, focusing on building empathetic products and technology that are 10x better. Their vision is to collaborate with Samaaj (Community), Sarkar (Government), and Bazaar (Business) to create an impact akin to UPI in India and Linux worldwide.

Strategic Partnerships and Support

The funding round saw significant contributions from major players, including Google, and was primarily led by Blume Ventures and Antler. Karthik Reddy, a partner at Blume Ventures, expressed enthusiasm about the partnership, highlighting Moving Tech’s innovative model and the simplicity of their tech solutions.Moving Tech 11M Dollers funding community. Similarly, Fady Abdel-Nour and Nitin Sharma, partners at Antler, praised Namma Yatri’s focus on Digital Public Infrastructure (DPI), describing it as a pioneering effort in building the mobility of the future—one that is inclusive, efficient, and sustainable.

Expansion and Market Position

Juspay, in collaboration with Nandan Nilekani’s BECKN Foundation and supported by Bengaluru’s Auto Rickshaw Drivers’ Union (ARDU), launched the Namma Yatri app in November 2022. This app emerged as an alternative to Ola and Uber, which typically charge a 30-40 percent commission. The Namma Yatri app has made substantial strides, with drivers earning Rs 1.88 crores to date and completing 1.2 lakh trips through the platform.

Disrupting the Ride-Hailing Market

The ride-hailing market is currently dominated by giants like Ola and Uber, with Rapido also capturing an increasing market share. However, Namma Yatri’s innovative subscription model has been making waves.Moving Tech 11M Dollers funding community. In November 2022, Namma Yatri pioneered the direct-payment model in Bengaluru, setting a precedent that other ride-hailing companies are now looking to follow to avoid GST charges on their services.

Geographical Reach and Future Plans

Originally launched as the Yatri app, Namma Yatri has expanded its footprint across Bengaluru, Mysuru, Tumkur, and Kochi. In Kolkata, the service operates under the name Yatri Saathi. Recently, the company extended its services to Chennai, even facilitating metro-ticket bookings through its platform.Moving Tech 11M Dollers funding community.This expansion highlights Moving Tech’s commitment to broadening its reach and providing enhanced mobility solutions to a wider audience.

Conclusion

Moving Tech Innovations Ltd is poised to revolutionize the mobility sector with its community-driven approach and innovative solutions. The recent $11 million funding will enable the company to further its mission of empowering drivers, integrating public transport, and enhancing customer experience. With strategic partnerships and a robust vision, Moving Tech is set to make a significant impact on the mobility landscape.

FAQs

Q1: What is the primary goal of Moving Tech Innovations Ltd?

Moving Tech aims to empower drivers, integrate public transport, and enhance customer experience through innovative technology and multimodal transportation models.

Q2: Who led the recent funding round for Moving Tech?

The funding round was led by Blume Ventures and Antler, with participation from Google and several other investors.

Q3: What is the Namma Yatri app?

Namma Yatri is a community-driven mobility app launched by Juspay in collaboration with the BECKN Foundation and ARDU, offering an alternative to traditional ride-hailing services like Ola and Uber.

Q4: How does Namma Yatri’s subscription model differ from other ride-hailing services?

Namma Yatri’s subscription model allows direct payments, avoiding the high commission fees typically charged by other services and offering a more cost-effective solution for drivers.

Q5: What are Moving Tech’s future expansion plans?

A5: Moving Tech plans to continue expanding its services across India, with recent launches in Chennai and plans to facilitate additional services like metro-ticket bookings.

Moving Tech 11M Dollers funding community

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