 "Jugnoo raises $5.5-million in Series-B funding led by Paytm")
Chandigarh-based auto rickshaw aggregator Jugnoo has raised $5.5 million (Rs 37.5 crore) in a Series-B round of funding, led by Paytm, with participation from Snow Leopard Technology Ventures.
Jugnoo had raised $3 million in the first tranche of this round, adding $2.5 million in the second tranche, making it a total of $5.5 mn 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, besides scaling up marketing and advertising campaigns.
Samar Singla, co-founder and chief executive officer, Jugnoo, said, “We see great prospects 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 next six months and provide access to the remotest corners of the country.”
Founded in 2014 by Singla and Chinmay Agarwal, Jugnoo has extended its services in 22 cities with two million users and 30,000 transactions per day, it says.
Jugnoo had raised $3 million in the first tranche of this round, adding $2.5 million in the second tranche, making it a total of $5.5 mn 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, besides scaling up marketing and advertising campaigns.
Samar Singla, co-founder and chief executive officer, Jugnoo, said, “We see great prospects 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 next six months and provide access to the remotest corners of the country.”
Founded in 2014 by Singla and Chinmay Agarwal, Jugnoo has extended its services in 22 cities with two million users and 30,000 transactions per day, it says.