Mobile commerce company Paytm has made its fresh funding in the Chandigarh-based auto rickshaw aggregator startup Jugnoo which operates in 22 cities across the country and recently made its inroads into Chennai.
This is the second tranche of investment from Paytm in Jugnoo after having participated in a $5-million round earlier this year in June.
Kiran Vasireddy, Sr. Vice President, Paytm, said, “Hailing an auto whenever and wherever one needs was previously simply unheard of. Jugnoo is an excellent app here to make it an easy and hassle-free experience. Jugnoo would require more funds to scale up its operations across the country and we want to be a part of its growth story. Its hyperlocal deliveries using auto-rickshaws is an excellent mechanism for auto drivers to earn more in their free time between customer rides.”
Speaking on the subject, Samar Singla, CEO and Co-founder, Jugnoo, commented, “We are excited with this infusion of fresh funds. We will be concentrating on investing it in our multi-city expansion and growth. We are entering new cities every three days, while we are planning to enter major metros in the coming months. We are doing 15,000 transactions per day currently and our aim is to take that to 1,00,000 by February next year.”