Jugnoo Raises Funding From Paytm

India’s largest mobile payments and commerce platform, Paytm has led the Series B funding of $10 million (nearly Rs 66.53 crore) in the Chandigarh-based auto-rickshaw hailing startup Jugnoo.

Out of the $10 million Jugnoo has received, $5 million (nearly Rs 33.3 crore) is pumped by Paytm and the remaining from other existing investor snow leopard and a new investor named Rocketship.vc.

The on-demand auto-rickshaw provider, which also delivers food and groceries using its wide network of rickshaws, had raised $3 million in the first round of funding in November last year and then raised another $2.5 million in January.

“We will invest these funds in improving our driver efficiency and increasing our numbers in cities where we are currently in the growing phase. And with the kind of impact we have been able to make at the grass-roots, I am sure we have a long way to go,” said Samar Singla, CEO and co-founder of Jugnoo in a statement on Monday.

Launched in November 2014, Jugnoo was founded by Samar Singla and Chinmay Aggarwal. It is now present in 29 cities and claims to have a user base of 120 million. Apart from auto hailing, the startup also focuses on online ordering and home delivery of meals and groceries.

“Their (Jugnoo) auto hailing service has picked up phenomenally well and they are witnessing incredible growth MoM (month-over-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,” said Kiran Vasireddy, senior vice-president, Paytm, in a statement.

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