India's leading on demand auto rickshaw aggregator Jugnoo has raised $5.5 million (Rs 37.32 crore) in Series-B round of funding led by Paytm in participation with Snow Leopard.
The rickshaw aggregator has extended its services in 22 cities with two million users and 30,000 transactions per day. Jugnoo had raised $3 million (Rs 20.3 crore) in the first tranche of this round, adding $2.5 million (Rs 16.9 crore) 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, improve 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, said, "We see great prospects lined up for Jugnoo 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."
"Jugnoo is providing a perfect solution to those dependent on public transport for their daily conveyance. By increasing auto utilization and bringing structure into this space, they have transformed the market completely. There is an offering that makes complete practical sense in today's scenario," said Chris Kolenaty, Founder Snow Leopard Ventures.
Vijay Shekhar Sharma, Founder and CEO of Paytm said, "Since its inception, Jugnoo has been showing a very promising growth. With its focused approach and high user engagement, they have succeeded in understanding the auto-rickshaw space really well."
