Google-backed Namma Yatri is set to raise Rs 39.8 crore in a Pre-Series A funding round led by Juspay's CEO and Founder, Vimal Kumar. Existing investors Blume Ventures and Antler will also participate in the round, according to a Registrar of Companies filing.
The company's board approved the offer and issue of 1,25,93,307 Pre-Series A1 Compulsorily Convertible Preference Shares of Rs 10 each at a premium of Rs 21.57 each under preferential allotment through private placement.
The ride-hailing firm noted that it intends to use the newly raised capital for growth and expansion of its operations, meeting working capital requirements, and other general corporate purposes.
Post-allotment of shares, Kumar will hold 13.91% of the company with Blume Ventures holding 10%.
Namma Yatri enters corporate mobility market with ride benefits for enterprise employees
Namma Yatri was carved out as a separate entity from Juspay in 2024 under Moving Tech Innovations Ltd. However, the fintech remains a majority shareholder of the company and supports its payment technology. According to the recent filing, it holds around 32% of the company.
The company, headed by Magizhan Selvan, has been locked in intense competition in the Indian ride-hailing sector with Uber India and Rapido. However, in recent months, the company has been focusing on its infrastructure play.
Built on the ONDC platform, Namma Yatri is utilising its infrastructure prowess to collaborate with governments to launch apps that will integrate all modes of transport onto a single platform.
The company last raised $11 million in a Seed round in 2024. The round had seen participation from Blume Ventures, Antler, and Google.