Indian on demand auto rickshaw aggregator, Jugnoo has closed its Series B round of funding at Rs. 66 crores led by Paytm with participation from Snow Leopard, Rocketship.vc, and Freecharge CEO and founder Kunal Shah.
The Series B round of funding by Jugnoo was initiated in November 2015 and the company raised $3 million (INR 20 crores), $2.5 million (INR 16 crores) and $4.5 million (INR 30 crores) in the first, second and third tranche respectively, closing the round at a total of $10 million (INR 66 crores). In the last tranche, the company has raised $3 million from Paytm and $1.5 million from Snow Leopard.
Jugnoo is currently rendering it’s services in 30 cities of India and has a userbase of around 2.6 million. It plans to expand at both national and international level and invest these funds for this expansion as well as to consolidate its current markets, with a special focus towards enhancing driver growth and welfare.
Samar Singla, Cofounder and CEO of Jugnoo, commented “This funding will enable us to create even better opportunities for uplifting the stature of autorickshaw 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 grassroots, I am sure we have a long way to go.”
Kiran Vasireddy, Senior Vice President, Paytm, said, “Jugnoo has showcased tremendous potential towards creating disruption in the Indian public transportation ecosystem. Their Auto hailing service has picked up phenomenally well and they are witnessing incredible growth MoM basis. 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.”