Forbes India 15th Anniversary Special

Paytm leads Series B funding of $10 million in Jugnoo

The money will allow the autorickshaw hailing and hyperlocal delivery mobile app to improve driver efficiency and expansion

Deepti Chaudhary
Published: Apr 18, 2016 12:45:50 PM IST
Updated: Apr 18, 2016 05:57:51 PM IST
Paytm leads Series B funding of $10 million in Jugnoo
Image: {Shutterstock}

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 ( 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.