Namma Yatri has raised Pre Series A funding of INR 92 Cr (around $11 Mn) co-led by Blume Ventures and Antler
The ride hailing service plans to deploy the funds for research and development, innovations in the product stack and improving customer experience
Nandan Nilekani's Beckn Foundation, the Namma Yatri app was launched in Bengaluru in 2022 committed to create a transparent, efficient and sustainable transportation ecosystem, aspiring to be the "UPI for mobility"
Ride hailing service Namma Yatri has raised Pre Series A funding of INR 92 Cr (around $11 Mn) co-led by Blume Ventures and Antler.
The round also saw participation from Google and a clutch of other investors.
The fresh proceeds will be deployed for research and development, innovations in the product stack and improving customer experience.
Backed by fintech startup Juspay
and modelled around the platform proposed by Nandan Nilekani’s Beckn Foundation, the Namma Yatri app was launched in Bengaluru in 2022 committed to create a transparent, efficient and sustainable transportation ecosystem, aspiring to be the “UPI for mobility.”
The platform has now moved beyond just offering auto rides to its customers in the city. Apart from Bengaluru, Namma Yatri also offers cab aggregator services in Kochi, Kolkata and Chennai.
This funding comes close on the heels of the platform marking an expansion to its offerings off its auto and cab rentals to take on counterparts like Ola and Uber.
The app competes against the likes of Jugnoo, Oye Rickshaw among others.
It is pertinent to note that with this development Namma Yatri will probably become the first ride-hailing service to pilot auto rentals in the country.
The Namma Yatri’s expansion spree is accompanied by the launch of several other similar ride-hailing apps across the nation.
For instance, a transport union in Bengaluru was reported to roll out an auto rickshaw ride booking app, ‘Nagara Metered Auto’, in partnership with Agnibhu Technologies.
While it remains to be seen how well the expansion spree bodes for Juspay and Namma Yatri, there is no denying that the competition in the Indian ride-hailing space has picked up. At the heart of this fight is the homegrown ride-hailing space which is projected to soar to a market size of $7.36 Bn by 2028.
