18 April, 2016, New Delhi: In its recently concluded series B round of funding, Jugnoo has managed to pump US $5 million funding from Paytm. The total many raised in the round was US $10 million, with other investors such as venture capital and Rocketship vc contributing in to back the auto rickshaw aggregator and hyperlocal delivery firm.
Commenting on the round, Kiran Vasireddy, Senior Vice-President, Paytm said, “With further infusion of funds, Jugnoo will be equipped to scale up its operations across the country and Paytm is happy to be a part of its growth story.”
“Jugnoo has displayed potential in creating disruption in the public transportation ecosystem, its auto hailing service has picked up well and it is witnessing speedy growth,” he adds further.
Currently, company operates in 30 cities and 11 villages and it is looking forward to expand its reach in next few months. The company faces a very stiff competition with Ola which has recently added 12 more cities in its auto service list, making the total count of 24 cities across the country.
With this investment, Paytm has got exposure to online aggregator business as well. The company already has operations in ecommerce and digital wallet businesses and has also been awarded a payment bank licence by the Reserve Bank of India, reports ET.