Google Invests ₹92 Crore in Moving Tech’s Pre-Series A Round for Namma Yatri
Google has invested $11 million (approximately ₹92 crore) in Moving Tech, the parent company of Namma Yatri, during a pre-Series A fundraising round. This round also saw contributions from Blume Ventures and Antler.
Namma Yatri, a community-driven ride-sharing app, is gaining traction against established competitors Uber and Ola with its no-commission model. The startup operates on the Open Network for Digital Commerce (ONDC), a government initiative aimed at democratizing e-commerce. Unlike Uber and Ola, which charge their driver partners 25%-30% of the ride fare and have opted out of the ONDC network, Namma Yatri connects customers with auto-rickshaws and cabs without taking a commission and instead charges a modest monthly fee to its driver partners.
The app’s founders, Magizhan Selvan and Shan M S, identified a gap in the market after observing the dissatisfaction among drivers with the existing Uber-Ola duopoly. Shan noted, “The market lacked a differentiated approach. We aim to offer a genuinely useful service without customer discounts or driver incentives.”
Blume Ventures partner Karthik Reddy praised Moving Tech’s innovative model, stating, “We are impressed by how the technology and a solid product can address mass mobility needs. We’re excited to support this visionary team.”
Namma Yatri plans to use the new funding to bolster its engineering and R&D teams and expand its services to include buses.