Jugnoo, the auto-rickshaw aggregator and hyper-local delivery firm, has raised $10 million in series B funding led by Paytm, the mobile payments and commerce platform. The list of other investors includes names like Snow Leopard and venture capital firm Rocketship.
Jugnoo is planning to invest these funds in improving the driver efficiency and increasing the numbers in cities where it is currently in the growing phase.
With this investment, Paytm has got exposure to online aggregator business as well. The company already has operations in e-commerce and digital wallet businesses and has also been awarded a payment bank licence by the Reserve Bank of India.
Jugnoo, which currently operates in 30 cities and 11 villages, has ramped up its services quickly in the past few months. It faces stiff competition from rivals including SoftBank-backed Ola.
Launched in November 2014, Jugnoo was founded by Samar Singla and Chinmay Aggarwal. It claims to have a user base of 120 million. Jugnoo has developed a network of about 10,000 auto-rickshaw drivers across India.
The Success Story
Jugnoo Autos is an Indian autoricksaw aggregation company headquartered in Chandigarh. It provides on-demand transportation and logistics services across 23 cities in India. It develops and operates a mobile application which helps connect the user with the auto driver. The service was started in Chandigarh by Samar Singla along with Chinmay Agarwal in October, 2014.
The service can be availed on Android (operating system), Apple iOS and now on Windows mobile by downloading the application from the respective application store. Jugnoo claims presence in cities namely Chandigarh, Ludhiana, Amritsar, Jaipur, Udaipur, Jodhpur, Kota, Gurgaon, Delhi, Noida, Ahmedabad, Vadodara, Surat, Pune, Nashik, Nagpur, Hyderabad, Mysuru, Indore, Coimbatore, Bhubaneswar, Guwahati and Kochi.