Auto rickshaw aggregator Jugnoo has raised $5.5 million in Series-B round of funding led by Paytm with participation from Snow Leopard.
Since its launch in November 2014, the Chandigarh-based firm has extended its services in 22 cities with two million users and 30,000 transactions per day.
Jugnoo had raised $3 million in the first tranche of this round, adding $2.5 million in the second tranche, making it a total of $5.5 million for the Series-B round.
The funds will enable Jugnoo to expand pan-India, launch new offices, improving supply quality, incentives and rewards targeted towards driver welfare and performance improvement, scaling up marketing and advertising campaigns.
Samar Singla, Co Founder and CEO, Jugnoo, commented that the start-up has ‘great prospects’ lined up with this funding. “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.”
Vijay Shekhar Sharma, Founder and CEO of Paytm, said that "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."
Established in 2014, Jugnoo is a mobile app with more than 6,000 autos empanelled under its brand. Founded Singla and Chinmay Agarwal, the company is targeting students, working professionals, and masses that are dependent on public transport for their daily conveyance.
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Updated Date: Jan 20, 2016 15:58:31 IST