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India's VC-backed Jugnoo buys ride hailing app BookMyCab

  • Holden Mann
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Indian autorickshaw-hailing start-up Jugnoo, a portfolio company of Snow Leopard Technology Ventures, has bought taxi aggregator BookMyCab for an undisclosed sum.

The purchase of Mumbai-based BookMyCab is a way for Chandigarh-based Jugnoo to get a foothold in the Mumbai market, according to a post on YourStory that was linked on Jugnoo's Twitter feed. BookMyCab has also earned a cab aggregation license in New Delhi.

Furthermore, Jugnoo's purchase offers access to India's online taxi-hailing space, which is currently dominated by Ola and US-based Uber. BookMyCab's technological back end will be integrated with that of Jugnoo, and the company will no longer operate separately after the integration is complete.

In addition to its rickshaw hailing service Jugnoo Autos, the company provides food delivery through Jugnoo Meals and hyperlocal grocery delivery through Jugnoo Fatafat. The company recently received INR320 million ($5 million) in funding from Snow Leopard and Paytm, which it said it would use to expand into new markets.

India's online taxi-hailing sector has attracted considerable VC interest, with Ola recently raising a $400 million Series E round. BookMyCab itself raised an undisclosed amount of seed funding in 2012 from YourNest Capital Advisors and Mumbai Angels.

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