Auto rickshaw aggregator Jugnoo scores $5.5 mln Series B

India-based Jugnoo, an on-demand auto rickshaw aggregator, has secured $5.5 million in Series B funding. Paytm led the round with participation from Snow Leopard Ventures.

PRESS RELEASE

New Delhi, January 20, 2016: ­ ​Jugnoo, India’s leading on demand auto rickshaw aggregator, 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, Jugnoo has extended its services in 22 cities with 2 million users and 30,000 transactions per day.

Jugnoo had raised $3mn in the first tranche of this round, adding $2.5mn in the second tranche, making it a total of $5.5 mn for the Series ­B round.

The funds will enable Jugnoo to expand pan­India, launch new offices, improving supply quality, incentives and rewards targeted towards driver welfare and performance improvement, scaling up marketing and advertising campaigns.

Samar Singla, Co­founder and CEO, Jugnoo, commented “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.”

Chris Kolenaty, Founder Snow Leopard Ventures shares his insights on this investment, ​”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. Theirs is an offering that makes complete practical sense in today’s scenario.”

Vijay Shekhar Sharma, Founder & CEO of Paytm, said ​”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 auto­rickshaw space really well.”

About Jugnoo
Jugnoo, a Chandigarh based company, was established in the year 2014. It has ventured into the industry as one of the leading auto­rickshaw aggregators with 30,000 people transacting per day, at a very nascent stage. It is a mobile app offering one of the largest networks of auto­rickshaws in India. It has more than 6000 autos empaneled under the brand at present.

Founded by Samar Singla and Chinmay Agarwal, the company is targeting the students, working professionals, and masses that are dependent on public transport for their daily conveyance.