Company Name : Jugnoo
Funding Amount : $3 million
Investor(s) Paytm, Kunal Shah. .
Funding Round : Series B
Jugnoo, a mobile app offering auto-rickshaws in India has announced the closure of $3 million in Series B funding.
The investment was led by Paytm with participation from other HNIs like Kunal Shah from Freecharge*.
The funds raised will aid the aggressive pan-India expansion plans of the company and will also be utilized to streamline processes in all new cities.
With approximately 3,300+ autos listed with the company, it is one of the major auto rickshaw aggregator to operate in this space.
Samar Singla, Founder and CEO, Jugnoo, said, “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.”
Earlier, the company had raised $10mn from Paytm, Kunal Shah and Ankur Meattle.
*We believe this is the exact amount and not the $10mn as mentioned by media earlier?