Chandigarh- based auto rickshaw aggregator and hyper-local delivery firm, Jugnoo, has raised $10 million in their Series B fundraising round with Paytm leading the round with an investment of $5 million. The other investors included existing investor Snow Leopard and venture capital firm Rocketship.vc.
Revealing plans in future with the raised fund, Samar Singla, CEO of Jugnoo, said, “We have been receiving a phenomenal response from drivers who are now readily adopting technology as a means of increasing their daily earnings. And with the kind of impact we have been able to make at the grassroots, I am sure we have a long way to go.”
Jugnoo currently operates in 30 cities and 11 villages. It has surged up its services quickly in the last few months. Their main rivals include Ola, which has launched auto bookings earlier this month in 12 additional cities, increasing its total count to 24 cities in India.
Kiran Vasireddy, senior vice president of Paytm, said, “With the further infusion of funds, Jugnoo will be equipped to scale up its operations across the country, and Paytm is happy to be a part of its growth story.”
In June last year, Paytm had co-invested $5-million in Jugnoo.This round, in the first tranche, Jugnoo has raised $3 million and added $2.5 million in the second tranche.