Chandigarh-based on-demand auto rickshaw aggregator, Jugnoo, has raised a total of $10 Million in its second round of Series B funding led by mobile wallet and mcommerce company Paytm.
Paytm has invested $5 Million in Jugnoo while the other $5 Million has been introduced by it’s existing investor, Snow leopard, along with a new investor, a venture capital firm Rocketship.vc.
“With 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,” said Kiran Vasireddy, senior vice president of Paytm.
Launched in November 2014, Jugnoo was founded by Samar Singla and Chinmay Aggarwal. It is now present in 29 cities and claims to have a user base of 120 million. The Chandigarh-based firm raised $5 million in Series A funding from Snow Leopard Technology Ventures and Paytm in July last year. Other investors in the company include Rakesh Mathur, CEO of Flywheel and co-founder of Junglee (acquired by Amazon.in), actor Saumya Tandon, angel investor Vikas Taneja and Just Weil, an investor in Facebook and Yandex-who participated in earlier rounds.
Samar Singla, CEO and co-founder of Jugnoo said,
“This funding will enable us to create even better opportunities for uplifting the stature of auto-rickshaw drivers in our country. We have been receiving a phenomenal response from drivers who are now readily adopting technology as a means of increasing their daily earnings. We will invest these funds in improving our driver efficiency and increasing our numbers in cities where we are currently in the growing phase. And with the kind of impact we have been able to make at the grass-roots, I am sure we have a long way to go.”
Samar added that
Jugnoo has developed a network of about 10,000 auto-rickshaw drivers across India.