Jugnoo, a leading mobile app, offering the largest network of auto-rickshaws in India, has announced the closure of $ 3 million in series ‘B’ funding, to further accelerate the company’s already impressive growth and customer success. The investment was led by Paytm with participation from other HNIs like Kunal Shah from Freecharge. The fund raised will aid the aggressive pan-India expansion plans of the company and will also be utilized to streamline processes in all new cities.
Jugnoo founded by Samar Singla and Chinmay Agarwal, thrives on the robust technology it offers to disrupt the three-wheeler transport segment in India. With approximately 3,300+ autos empaneled with the company, it is one of the biggest auto rickshaw aggregators and mobile commerce company in the country at present to operate in this space. By streamlining the daily commute for the urban populace, it has steadily gained immense popularity with a firm thrust on technology and transforming local travel across cities.
Elaborating on the financing, Samar Singla, Founder and CEO, Jugnoo commented, “We look at this funding as a great vote of confidence in Jugnoo and its vision of how companies can accelerate their revenue growth. To have an existing investor come back and invest again, that too in a lead capacity this time, is just a promising sign telling us that we must be doing something right. The funding also highlights the long term potential of the company. We are certain that we are one of the fastest growing companies in our market category, and we plan to use this funding to invest even more heavily to further accelerate our growth.”
Adding to it, Vijay Shekhar Sharma, Founder & CEO, Paytm said "Jugnoo is trying to solve a very fundamental problem. Given their grasp of the auto-rickshaw space and their current traction, it just reconfirms that there is a huge potential in aggregating autos."
Jugnoo has shown tremendous progression only in a year’s time with an angel round investment worth $1 million, followed by Series ‘A’ funding of $5 million led by SnowLeopard and PayTM participated in that round in the month of May. It is at present operational in 22 cities, witnessing around 15K daily transactions and a huge user base of 1 million.