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With this, the auto-ricksha aggregator’s total funding raised from Series B round touches US$10 million
Jugnoo is growing fast on the back of slow-paced auto-rickshaws in India. This Chandigarh-based on-demand auto-rickshaw aggregator has just raised US$4.5 million as the third and final tranche to close its Series B round of funding at US$10 million.
The round was led by Paytm, investing a total of US$5 million, and the remaining amount came from Snow Leopard, Rocketship.vc, and Freecharge Founder and CEO Kunal Shah.
The Series B was initiated in November 2015, with US$3 million and US$2.5 million coming in November 2015 and January 2016 , respectively.
Jugnoo plans to expand at both national and international level and invest these funds for this expansion as well as to consolidate its current markets, with a special focus towards enhancing driver growth and welfare.
Also Read: With Uber off the auto rickshaw wheel, Jugnoo takes the driving seat in India
Samar Singla, Co-founder and CEO of Jugnoo, commented: “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.”
Jugnoo was established in 2014 by Singla and Chinmay Agarwal. The startup claims that more than 10,000 autos empanelled under its brand at present, and over 30,000 people transact on its app everyday.
Founded by Samar Singla and Chinmay Agarwal, the company is targeting the students, working professionals, and masses that are dependent on public transport for their daily conveyance. It is currently rendering its services in 30 cities of India and has a user base of around 2.6 million.
Last month, Jugnoo threatened to take legal action against rival Ola for “employing unethical practices to sabotage their business”.
Image Credit: Shutterstock
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