Mobility-as-a-Service (MaaS) has emerged as a transportation model aimed at meeting the increasing mobility demands by integrating various transport options into a single service, thereby reducing users’ decision-making effort and facilitating transitions to public transportation. While operational MaaS initiatives are predominantly found in developed nations, the coexistence of formal, informal, and private transport providers in emerging economies presents challenges and opportunities for MaaS implementation. Existing literature predominantly addresses user preferences and willingness to pay, with limited focus on the supply side. The capabilities and operational challenges of transport service providers (TSPs) significantly influence MaaS deployment and development, necessitating a thorough examination of their operational dynamics. Unlike previous studies that identified general barriers to MaaS implementation, this research fills a crucial gap by investigating the specific operational challenges encountered by TSPs in Kochi during the Kochi One initiative. Through in-depth stakeholder interviews using a predefined questionnaire, this study employs a qualitative thematic analysis to highlight key factors essential for the success of a MaaS initiative, including regulatory, administrative, integration, and technological requirements. These insights are valuable for policymakers and transport planners in developing economies, providing a foundational framework to advance their efforts effectively.