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Jugnoo closes $3 mn funding from Paytm, others

  • Jugnoo, a mobile
    aggregator for auto-rickshaws in India, has said it raised $3
    million in funding from Paytm and others.
  •  
  • The series B funding,
    which will be used to spur the Chandigarh-based company’s growth, was led by
    Paytm, along with other participants, including FreeCharge co-founder and CEO

    • Jugnoo, a mobile
      aggregator for auto-rickshaws in India, has said it raised $3
      million in funding from Paytm and others.
    •  
    • The series B funding,
      which will be used to spur the Chandigarh-based company’s growth, was led by
      Paytm, along with other participants, including FreeCharge co-founder and CEO
      Kunal Shah.
    •  
    • The funds raised will
      also be used to streamline its operations in all new cities, Jugnoo said in a
      statement. The company plans to venture into 40 new cities by the end of 2015.
    •  
    • Founded by Samar
      Singla and Chinmay Agarwal, its application has over 3,300 autos empaneled on
      its platform. Operational in 22 cities, Jugnoo claims around 15,000 daily
      transactions and has a user base of one million users.
    •  
    • “We look at this
      funding as a great vote of confidence in Jugnoo and its vision of how companies
      can accelerate their revenue growth. 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,”
      Singla, also the CEO of Jugnoo, said.
    •  
    • Jugnoo had raised an
      angel funding of about $1 million, followed by series A funding of $5 million
      led by SnowLeopard and Paytm in May this year.

     

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