Jugnoo, a hyperlocal marketplace player has acquired BookMyCab, Mumbai based startup.
This acquisition will get Jugnoo to about 4000 vehicles and 10k daily transactions in a month.
With the hyper local segment heating up, this acquisition is a way For Jugnoo to get a faster entry into Mumbai market.
BookMyCab got the cab aggregation license in Delhi last month that both Ola and Uber have been unsuccessful at getting.
“Getting a licensed player onboard should tip the scale in our favor and is a huge opportunity for us” [Samar Singla, CEO Jugnoo,]
For Jugnoo, this acquisition comes at the right time, in sync with their expansion plans and is a strategic move to launch in Mumbai, the financial capital of India, and bring 2000 “kaali peelis” onto their platform.
Just a month and a half back, Jugnoo closed a $5 million Series A ?supported by Snow Leopard and Paytm. The company is planning to raise $20mn in Series B.