Jaspay turns Namma Yatri into “Moving Tech Innovation Limited”

Japay Technologies, which owns ride-hailing app Namma Yatri, has registered its mobility business as a separate company called Moving Tech Innovations Limited, Moneycontrol reported. Jaspay, the Bengaluru-based fintech company that was the first to offer ride-hailing services on ONDC, said the move was made in response to its ride-hailing business being different from its parent company's finance business.

Shan MS, Japei's chief growth officer, told Moneycontrol that the rationale for separating the mobility business from the parent company centered on the different nature of the two companies. Juspay Technologies is a payment systems company and Namma Yatri is a ride-sharing platform. He said that Juspay primarily operates in the B2B payments space, while Namma Yatri is a B2C/B2B2C venture that addresses population-scale mobility challenges. moreover, [Namma Yatris] Businesses are becoming more complex on a daily basis and compliance requirements are different. The two businesses are also at different stages of evolution.

He added that Namma Yatri is considering raising capital as it is “in the early stages of growth and requires investment with a long-term perspective.” He added that exiting the mobility business is likely to help Namma Yatri raise funds from venture capital investors to develop infrastructure and technology.

Namma Yatri, which primarily provides autorickshaw services, is also planning to start taxi services in Bengaluru, Shan told Moneycontrol. The company has already expanded its services in 2020 to include taxi services in Kochi, with further expansion to Kolkata in July 2023 and Hyderabad in February 2024.

The company, founded with the support of the Bengaluru Auto Rickshaw Drivers Union (ARDU), differentiated itself from its competitors by not charging drivers any commission. Namma Yatri is the first ride-hailing app to join his ONDC in 2023. Additionally, it is based on the ONDC-like Beckn protocol, making it easy to integrate with your network. Its availability on ONDC, coupled with its benefits for drivers, could make it a competitor to other ride-hailing apps like Ola and Uber. However, many people questioned the app's profitability.

In August 2023, the company announced it would start charging drivers a subscription fee. The platform offered autorickshaw drivers in Bangalore his two subscription models.

advertisement. Scroll to continue reading. You pay $5 per trip for up to 10 trips per day, then it's free. Pay $25 per day for unlimited travel.

Currently, autorickshaw services are available in eight cities: Bangalore, Mysuru, Tumkur, Delhi, Chennai, Kochi, Kolkata and Hyderabad.

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