Trends
Google invests Namma Yatri shaking up Uber and Ola’s territory
Google participated in Namma Yatri’s $11 million pre-Series A funding round co-led by Blume Ventures and Antler. Namma Yatri’s commission-free model is eroding the market share of Uber and Ola, two well-known ride-hailing platforms.
Headline
Google participated in Namma Yatri’s $11 million pre-Series A funding round co-led by Blume Ventures and Antler. Namma Yatri’s commission-free model is eroding the market share of Uber and Ola, two well-known ride-hailing platforms.
Context
OUR TAKE Google, which has pledged to invest $10 billion in India, joined investors backing Moving tech by participating in the first $11 million of Namma Yatri’s Series A funding round, which marks the expansion of Namma Yatri’s car and taxi rental services to compete with peers like Ola and Uber. –Elodie Qian, BTW reporter Google participated in Namma Yatri ‘s $11 million pre-Series A funding round co-led by Blume Ventures and Antler. Namma Yatri’s founders said the new funds will be used for the R&D team expanding, product innovation and customer experience improving.
Evidence
Pending intelligence enrichment.
Analysis
Nandan Nilekani’s Beckn Foundation has launched the Namma Yatri app in Bengaluru in 2022 and is committed to creating a transparent, efficient and sustainable transport ecosystem that hopes to become the “UPI on the move”. Namma Yatri has now joined the Open Network for Digital Commerce (ONDC) in Bengaluru City to offer three-wheeler auto rickshaw rides without any commission for both the driver and the passenger. The platform also offers taxi aggregation services in Kochi, Kolkata and Chennai. Founded in 2021 and supported by the government’s Department of Commerce, the non-profit organisation ONDC aims to democratise commerce. The mobile app is open source, so various apps, including digital payment providers such as Paytm and PhonePe, can integrate with it. Moving tech is the parent company of Namma Yatri, India’s open-source ride-sharing app. moving tech’s co-founder Shan M reflects on Uber and Ola’s decade-long monopoly in India, saying, “There was a lack of differentiated approach.” Moving tech operates without giving discounts to customers or extra incentives to drivers. moving tech has succeeded by offering services that people find genuinely useful.
Key Points
- Google participated in Namma Yatri’s $11 million pre-Series A funding round co-led by Blume Ventures and Antler.
- Namma Yatri’s commission-free model is eroding the market share of Uber and Ola, two well-known ride-hailing platforms.
Actions
Pending intelligence enrichment.
