Jugnoo, an Indian online aggregator for autorickshaw rides and hyper local delivery platform has announced it securing $10 million from its existing investor Paytm.
Founded in 2014 by Samar Singla and Chinmay Aggarwal, Jugnoo is a Chandigarh based on-demand logistics startup and autorickshaw aggregator. It has three sectors of services with their respective apps. The startup targets hyperlocal delivery, food delivery and auto booking segments through Jugnoo Fatafat, Jugnoo Meals and Jugnoo respectively. Till date, it functions in 22 cities across India and is expected to set its foot in Chennai very soon.
This investment is the second for the Alibaba-backed Paytm in Jugnoo after having invested $5 million in the earlier funding round this June. With the recent funding, the Paytm’s stake in the startup has gone up by about 20%. “This investment from Paytm was recently concluded. For the next round, which could be closed in the coming weeks, SoftBanks has held talks with the autorickshaw aggregator,” said a source.
Samar Singla, Founder and CEO of Jugnoo said, “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.”
Jugnoo claims to be doing over 15,000 transactions per day currently and is aiming to reach around 1,00,000 by February 2016. Sources suggest that the company is in talks with Japan’s SoftBank for a bigger round of funding. The funding amount has not been finalized yet.