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Juspay turns subsidiary Namma Yatri into separate entity, ‘Moving Tech Innovation Limited’: Report

Juspay, according to reports, has attributed the move to be a response to the ride-hailing service’s operations differing from the financial operations of the parent company.

Juspay Technologies, owner of the ride-hailing app Namma Yatri, has registered its mobility business as a separate firm called ‘Moving Tech Innovations Limited’, MoneyControl reported. Juspay, the Bengaluru-based fintech firm that became the first to offer ride-hailing services on ONDC, said that this move comes as a response to the ride-hailing service’s operations differing from the financial operations of the parent company.

Shan M S, Chief Growth Officer of Juspay told Moneycontrol that the rationale to hive off the mobility business from its parent company was centered around the distinct nature of both. Juspay Technologies is a company offering payment systems while Namma Yatri is a platform for ride-sharing. He said, “ Juspay operates primarily in the B2B payment space, whereas Namma Yatri is a B2C/B2B2C venture addressing population-scale mobility challenges.” Additionally, “ [Namma Yatri’s] operations are more involved on a day-to-day basis, and the compliance requirements are different. The two businesses are also at different stages of evolution”.

Further, he added, that Namma Yatri was looking to raise funds as it is in “the early stages of its growth”  and “requires investments with a long-term perspective”. He added that hiving off the mobility business was likely to help Namma Yatri in “raising funds from venture capital investors to develop infrastructure and technology,”

Namma Yatri, largely providing auto-rickshaw services, is also planning to launch cab services in Bengaluru, Shan told MoneyControl. The company has already expanded its services to include cab services in Kochi in 2020 and has further extended to Kolkata in July 2023 and Hyderabad in February 2024.

Created with the support of Bengaluru’s Auto Rickshaw Driver’s Union (ARDU), it distinguished itself from its competitors by not charging its drivers a commission. Namma Yatri was the first ride-hailing app to join ONDC In 2023. Further, it is based on the Beckn protocol, which is similar to ONDC, thus making it conducive with the network. Its availability on ONDC, coupled with its benefit to drivers made it a likely competitor to other ride-hailing apps like Ola and Uber. However, many questioned the profitability of the app.

In August 2023 it announced that it would be charging its driver’s a subscription fee. The platform offered two subscription models for auto rickshaw drivers in Bengaluru:

  • Payment of ₹5 per trip for up to 10 trips per day, after which the trips will be free.
  • Payment of ₹ 25 per day for unlimited trips.

At present, the auto-rickshaw service service is available in eight cities: Bengaluru, Mysuru, Tumkuru, Delhi, Chennai, Kochi, Kolkata  and Hyderabad.

Also Read:

  • ONDC Launches Metro Ticketing In Chennai, More Cities To Join Soon
  • Views: Why Rapido Is Moving To Subscription Model
  • Uber Plans To Integrate With ONDC To Show More Mobility Options To Its Users
  • Ola Is Planning On Joining ONDC: CEO Bhavish Aggarwal

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