Auto rickshaw aggregator Jugnoo raises $5.5 million in Series-B funding

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 pan-India, launch new offices, improving 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, 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: "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. Their's is an offering that makes complete practical sense in today's scenario."

Vijay Shekhar Sharma, Founder & CEO of Paytm: "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 auto-rickshaw space really well."

Source : Equity Bulls

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