Snow Leopard, Paytm commit $5m to India's Jugnoo
Indian autorickshaw-hailing service Jugnoo has raised INR320 million ($5 million) in Series A funding from Snow Leopard Technology Ventures and Paytm, along with some existing angel investors.
Jugnoo will use the funds to expand into larger markets from the four small cities it currently serves. The company is also eyeing overseas expansion, according to the Economic Times.
Earlier this year Jugnoo raised a $1 million seed round from several individual investors. The company was founded in 2012 but started operations late last year. It manages a network of rickshaw drivers that users can hail through a mobile app. Recently it has also launched a delivery service, which uses the same drivers to courier fresh groceries and prepared meals to customers' homes.
Jugnoo's ride-hailing service competes with taxi-hailing apps like Ola, which recently closed a $400 million Series E round led by DST Global. In addition, its food delivery service is similar to that offered by Grofers and BigBasket, which recently received $35 million and $33 million, respectively.
Snow Leopard is based in Pune, India, and specializes in early and seed stage investments. It has previously backed online jewelry and accessory retailer Voylla and payment startup LivQuik Technology. Paytm is the developer of a popular online wallet system. Jugnoo will be offering its own logistics network to fulfill orders made with Paytm; however, the two companies do not plan to integrate their payment systems at this time.
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