After raising $5 Mn in a Series A round from Alibaba-backed Paytm and Snow Leopard, Chandigarh-based autorickshaw aggregator and hyperlocal delivery startup, Jugnoo, has again raised $10 Mn from Paytm.
This is the second tranche of investment from Paytm, post the previous round raised in July this year. After this round, Paytm’s stake in Jugnoo has gone up to around 20%.
TOI reported that the company is also amidst talks with Japan’s SoftBank to raise a bigger round, which could be closed in the coming weeks.
Samar Singla, CEO and co-founder of Jugnoo has confirmed the development to TOI, but did not divulge the amount raised. “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,” he said.
We have reached out to Samar and Paytm for an official response and are yet to hear from them.
Jugnoo fulfils its hyperlocal on-demand delivery services using auto rickshaws as a logistics engine. In September this year, it acquired restaurant discovery app, Bistro Offers, and mobile only services marketplace yelo.red. The size of both the deals was identified at $1 Mn, including cash and stock components. It had also acquired taxi aggregator BookMyCab earlier this year, to foray into taxi-hailing space.
Jugnoo currently operates in 22 cities across India and is expected to set up its operations in Chennai in November. The startup faces strong competition from Ola and Uber, who are also into autorickshaw aggregation. In the hyperlocal delivery segment, it faces competition from strong players like Grofers, PepperTap, BigBasket, among others.
Prior to the $5 Mn Series A round, Jugnoo had raised a seed round of $1 Mn from Rakesh Mathur (Junglee, Flywheel), Vikas Taneja (previous investments in Rapportive, PubNub, etc.), in April this year.
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