Jugnoo was founded in November 2014. Jugnoo raised $5 million in Series A funding last summer. Jugnoo raised $3 million in Series B funding last November, $2.5 million in Series B funding in January, and $4.5 million more recently. Jugnoo's $10 million Series B round has finally closed.
Jugnoo says it has 2.6m registered users in 30 cities across India. Jugnoo had just 2m registered users in 22 cities in January. Jugnoo currently receives more than 30,000 rides a day, according to the company. Jugnoo now has more than 10, 000 autotricycles under its brand, up from 6, 000 in January.
Auto-rickshaws are a widely used and low-cost form of transport in many Indian cities. In India, Uber and Ola, the local ride-hailing app, started the trend. Ola, Uber's closest competitor in India, has raised more than $1 billion and is valued at $5 billion. Last year, Uber also briefly tested a mobile hailing tricycle service in India, though it was shut down. However, Ola's three-way taxi service is developing rapidly. This month, Ola further expanded its three-wheel service to more cities.
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