What does Jugnoo do?
Jugnoo, is a hyperlocal marketplace which provides everything on demand. It started as Uber for auto rickshaws and aims to be the largest in hyper-local using the auto rickshaws as a conduit to reach there. Economics are unique and such in India that the model makes a lot of economic sense without a huge investment as the rickshaws are present already and the divers need extra income. Users can receive anything on demand through Jugnoo’s suite of apps- whether it is an auto, freshly cooked home food or anything else. Jugnoo launched in 4 cities in just 5 months and will soon launch in other cities in India.
How much Jugnoo was funded?
Jugnoo raised $5M in Series A funding on June 5th, 2015 from Snow Leopard which led the funding round along with the participation of Paytm and many returning investors from its angel round.
$5M in Series A funding on May 27, 2015 from Akash Prakash, Snow Leopard and Paytm
$1M in Angel funding on May 5, 2015 from Justin Weil, Vikas Taneja, Amit Bhartia and Rakesh Mathur
What is next for Jugnoo?
The company has launched 2 new services- Jugnoo Fatafat and Jugnoo Meals, which focus on demand deliveries and on restaurant orders from local stores respectively. Both of these services are important sources of revenues for Jugnoo as it wants to keep ride fares low for its cost conscious user base and avoid surge pricing.
More about Jugnoo
Jugnoo was founded on July 1, 2014 by Chinmay Agarwal, Samar Singla. It has its headquarters in Chandigarh. The company is different from others as it is handling transportation and on demand delivery simultaneously. Singal hopes that his company’s double approach will set it apart from other auto rickshaw apps like PoochO and mGaadi. The company claims it has 150,000 users and handles 3000 transactions per day making a daily revenue of $4000 per day.