The money will allow the autorickshaw hailing and hyperlocal delivery mobile app to improve driver efficiency and expansion
Paytm, India’s largest mobile payments and commerce platform, on Monday said it led the Series B funding of $10 million in the Chandigarh-based startup Jugnoo, an auto-rickshaw hailing and hyperlocal delivery mobile app. Jugnoo receives $5 mn from Paytm and the remaining from other existing investor Snow Leopard and a new investor (rocketship.vc). Currently Jugnoo operates in 30 cities and 11 villages across the country.
“Jugnoo has showcased tremendous potential towards creating disruption in the Indian public transportation eco-system. Their auto hailing service has picked up phenomenally well and they are witnessing incredible growth on month-on-month 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,” says KiranVasireddy, Senior Vice President, Paytm, in a statement.
Samar Singla, chief executive and co-founder, Jugnoo, says the funding will enable the company to improve driver efficiency and expansion. “We have been receiving a phenomenal response from drivers who are now readily adopting technology as a means of increasing their daily earnings,” says Singla.
Jugnoo has a network of around 10,000 auto-rickshaw drivers across India that is growing at a steady rate across the country. They also have women auto drivers in Nagpur, Ahmedabad and Noida.
Travel and commuting aggregators are generating a lot for interest amongst investors. Recently, Gurgaon-based bus aggregator platform Shuttl raised $20 million.