Tech3 | Namma Yatri's solo trip; Byju’s salary snags amid investor dispute; more

Happy new (financial) year to all our readers!

One quick thing: India witnesses record-high electric two-wheeler sales in March 2024, IPO-bound Ola Electric grabs the top spot.?

In today’s newsletter:?

• Namma Yatri drives into a solo lane
• Byju’s salary snags amid investor dispute
• Beardo's Mane-agement changes

P.S. Don’t miss out on our annual Money calendar that helps you keep track of the most important dates in the upcoming financial year.

Story 1?

Namma Yatri drives into a solo lane?

Ola and Uber challenger Namma Yatri’s got wings now and is ready to go solo.

Driving the news: SoftBank-backed JusPay, which launched and operated Namma Yatri, has hived off the mobility business as a separate entity called ‘Moving Tech Innovations Limited’

• Juspay launched the Namma Yatri app in November 2022, in collaboration with Nandan Nilekani's BECKN Foundation and with the support of Bengaluru’s Auto Rickshaw Driver’s Union (ARDU).

• Why now?

The growing user adoption of Namma Yatri, which promises zero commission rides for auto drivers, has resulted in the business growing so much that it needs special attention now. (Psst: The app has clocked 3.28 crore completed trips, with 57 lakhs registered users on its platform)

• To sustain an app of this magnitude, the mobility platform has been trying everything from cost-cutting to launching subscription services.?

This spinoff will likely help Namma Yatri raise funds from venture capital investors.

• We hear that Juspay will continue to be the majority investor and support the ride-hailing firm’s payment systems.

Road ahead

Namma Yatri has already charted its expansion plans, including launching cab services in Bengaluru. But we have more news for you!

• On this very same day, the firm has also patched up things with Bengaluru’s Auto Rickshaw Union (ARDU) folks.?

• Remember that the firm had a fissure with ARDU over internal matters like pricing and promotions, which led to a breakup last year.?

The union patch-up will come in handy for Namma Yatri as it switches to the next gear!

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