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Jugnoo raises series B funding from Paytm

Jugnoo, a hyperlocal delivery and auto rickshaw hailing app, has raised an undisclosed amount in a series B round of funding from Paytm. The startup will use the funding for expanding to other metros in the coming months. With this funding, Paytm will own 20% stake in the startup. According to the Times of India, which first reported the story, the company raised $10 million, although Jugnoo or Paytm are yet to confirm this. The company had previously raised $5 million in a series A round of funding from Snow Leopard with participation from Paytm in June. It had also raised $1 million from Rajesh Mathur (Junglee Flywheel), Vikas Taneja (Partner and MD BCG Group) and Kirloskar Brothers among others, in a seed round of funding. Jugnoo ties up with rickshaw drivers as logistics partners to offer three different services. This includes Jugnoo Autos on Demand, Jugnoo Meal and Jugnoo Fatafat. Interestingly, the company mentions that it does not make money on auto rides, rather auto rides get it a logistics network and customer base, while hyperlocal deliveries make it money. As of now, it claims to be present in 22 cities across the country and carries out 15,000 transactions per day. - The Jugnoo Autos on Demand app (also on iOS) detects a user’s location, post which the user can request a rickshaw. Users can then track the rickshaw status on the map or call the driver directly to clarify issues. The app charges users Rs 20 meter down charges, Rs 5/km…

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