Update: Today, Paytm officially announced its fresh funding in Jugnoo. This is the second tranche of investment from Paytm in Jugnoo after having participated in a $5 Mn round, earlier this year in June.
Kiran Vasireddy, senior VP, Paytm, said, “Hailing an auto whenever and wherever one needs was previously simply unheard of. Jugnoo is an excellent app here to make it an easy and hassle-free experience. Jugnoo would require more funds to scale up its operations across the country and we want to be a part of its growth story. Its hyperlocal deliveries using auto-rickshaws is an excellent mechanism for auto drivers to earn more in their free time between customer rides.”
After raising $5 Mn in a Series A round from Alibaba-backed Paytm and Snow Leopard, Chandigarh-based autorickshaw aggregator and hyperlocal delivery startup, Jugnoo, has again raised $10 Mn from Paytm. This funding round was led by Paytm at $50 Mn pre-money valuation.
This is the second tranche of investment from Paytm, post the previous round raised in July this year. After this round, Paytm’s stake in Jugnoo has gone up to around 20%. The money will be used for Jugnoo’s operational expansion as a whole, and in building processes and procedures needed to cope up with its growth.
Samar Singla, CEO and co-founder of Jugnoo has confirmed the development, but did not divulge the amount raised. “We are entering new cities every three days, while we are planning to enter major metros in the coming months. We are doing 15,000 transactions per day currently, and our aim is to take that to 1,00,000 by February next year,” he said.