Jugnoo gets $3M in Series B funding from Paytm, others
SoCoMo Technologies Pvt Ltd, which runs on-demand delivery services startup Jugnoo, has raised $3M in Series B funding led by existing investor Paytm.
Freecharge CEO Kunal Shah and other investors also participated in this round of funding, as per a press statement.
Jugnoo will use the capital to expand its presence across the country and streamline processes.
At present, it operates in 22 cities and caters to about one million users. It plans to venture into 40 more cities before 2015-end.
Recent media reports had indicated that Jugnoo would get $10 million in Series B funding from Paytm and others. Though the company confirmed it had secured more capital, it did not divulge the amount raised.
The Chandigarh-based firm was co-founded by IIT Delhi alumni Samar Singla and Chinmay Aggarwal in November 2014. It focuses on four segments—auto booking services, taxi aggregation, online ordering and home delivery of meals and groceries.
The taxi aggregation play was added in July when Jugnoo acquired BookMyCab in a cash and stock deal.
It had recently acquired restaurant discovery app Bistro Offers and mobile-only services marketplace yelo.red.
Jugnoo raised $5 million (Rs 32 crore) in Series A funding from Snow Leopard Technology Ventures, Paytm and other investors in May.
Before that, it raised $1 million from Rajesh Mathur, co-founder of Junglee that was acquired and relaunched by Amazon; Vikas Taneja, partner and managing director of BCG Group; Kirloskar Brothers and others in a seed round early this year.
On the transportation side, Jugnoo would compete with the likes of Ola and Uber, which have added autorickshaws to their networks besides cabs. These players are banking on execution play in a vast market.
In the grocery delivery space, Jugnoo competes with Grofers, PepperTap and BigBasket, among others.
Alibaba-backed Paytm, which recently crossed the 100 million transactions threshold for its mobile wallet, has put money in startups such as Zovi, Little and others. It recently invested$10 million in LogiNext Solution Pvt Ltd, a location-based analytics startup for logistics management.