Chandigarh-based on-demand auto rickshaw aggregator, Jugnoo, has raised $5.5 Mn in series-B round of funding led by Paytm with participation from Snow Leopard.
Jugnoo will use the raised capital to expand pan-India, launch new offices, improve supply quality, incentives and rewards targeted towards driver welfare and performance improvement, scaling up marketing and advertising campaigns.
Speaking on the development, Samar Singla, co-founder & CEO at Jugnoo said, “Our growth is improving with each new city expansion. We will invest this funding to increase our presence to 25 more cities over the coming six months and provide access to the remotest corners of the country.” Since inception, the startup has extended its services in 22 cities with 2 Mn users and 30,000 transactions per day.
Founded in November 2014 by Samar Singla and Chinmay Agarwal, the company is targeting the students, working professionals, and masses that are dependent on public transport for their daily conveyance. Presently, it has more than 6000 autos empaneled under the brand.
Vijay Shekhar Sharma, founder & CEO of Paytm said, “Since its inception, Jugnoo has been showing a very promising growth. With its focussed approach and high user engagement, they have succeeded in understanding the auto-rickshaw space really well.”
Prior to this, Jugnoo had raised $3 Mn in the first tranche of this round, adding $2.5mn in the second tranche, making it a total of $5.5 mn for the Series-B round.
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