New Delhi: Jugnoo, a mobile aggregator for auto-rickshaws in India, said it has raised $3 million (about Rs 19.8 crore) in funding from Paytm and others.
The series B funding, which will be used to spur the Chandigarh-based company's growth, was led by Paytm, along with other participants, including FreeCharge co-founder and CEO Kunal Shah.
The funds raised will also be used to streamline its operations in all new cities, Jugnoo said in a statement.
The company plans to venture into 40 new cities by the end of 2015.
Founded by Samar Singla and Chinmay Agarwal, the application has over 3,300 autos empaneled on its platform. Operational in 22 cities, it sees around 15,000 daily transactions and has a user base of one million users.
"We look at this funding as a great vote of confidence in Jugnoo and its vision of how companies can accelerate their revenue growth. We are certain that we are one of the fastest growing companies in our market category, and we plan to use this funding to invest even more heavily to further accelerate our growth," Singla, also the CEO of Jugnoo, said.
Jugnoo had raised an angel funding of about USD 1 million, followed by series A funding of USD 5 million led by SnowLeopard and Paytm in May this year.
(With agency inputs)