Key Points
Payments firm Juspay has spun off its ride-hailing subsidiary, Namma Yatri, into a separate entity...
The new entity will be called Moving Tech Innovations Ltd, and is currently being headed by Juspays chief growth officer Shan M S and chief product officer Magizhan Selvan...
Shan and Selvan are fully transitioning to the newly-set-up entity and will be running the firm, though they are yet to take up official designations, Shan told ET in an interaction..
The firm has turned operationally profitable in Bengaluru-- its biggest market with well over 30,000 drivers -- inclusive of costs like map services, cloud costs, and city-specific driver and customer services cost, Shan added..
Swiggy-backed ride-hailing platform Rapido has introduced a subscription fee model for its driver partners on cabs and autos, doing away with the old structure of commissions on rides, while California-headquartered inDrive offers commission rates of 10-12% to its drivers in India, less than half the 25-30% given by Uber and Ola..
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