Chandigarh based on demand logistics startup, Jugnoo (Socomo Technologies) has acquired online taxi booking platform BookMyCab in a cash and stock deal. The financial details of the deal remain undisclosed.
Jugnoo raised $5 Mn in its Series A round of Funding led by Snow Leopard with participation from Paytm in June this year and is planning to raise $20 Mn in a Series B round soon. In April, the venture had raised $1 Mn in its seed round from Rakesh Mathur (Co Founder Junglee, Webaroo) and actress Saumya Tandon along with participation from Kirloskar group, Vikas Taneja (Partner and MD BCG Grroup, previous investments include Rapportive, PubNub), Just Weil (investor in Facebook and Yandex).
Post this acquisition, Jugnoo will look to foray into Mumbai, Delhi, Kolkata along with all the markets where BookMyCab already has a presence with a fleet of more than 2000 taxis and thus complete 10000 daily transactions serviced by 4000 vehicles.
Founded by Samar Singla and Chinmay Aggarwal, Jugnoo targets Hyperlocal delivery, food delivery and auto booking segments through Jugnoo Fatafat, Jugnoo Meals and Jugnoo respectively. The seven month old startup has more than 150000 registered users in four small cities and completes 5000 transactions a day. Of these, 30% are hyperlocal deliveries. The company has decided to launch in larger cities and overseas given that its delivery segment is growing 20% week-on-week.
The firm, which claims to have over a 50% repeat purchases every month, is aiming at online sales of R1000 Cr in the next 4-5 years.
On the other hand, BookMyCab which is run by LiveMinds Solutions Private Limited was founded by Avinash Gupta provides taxi booking services and offers local travel – point to point, airport transfer and railway station transfer using metered cabs. It had raised around $10 Mn from Vridhhi Fund-I along with existing investors YourNest Angel Fund and Mumbai Angels.
Also, BookMyCab earned its cab aggregation license in Delhi that both Ola and Uber failed to achieve.
"We have a very loyal customer base that has been requesting taxi services for some time now and taxi drivers also want us to enter the taxi space.", as quoted by Samar Singla, the cofounder and CEO of Jugnoo. He also added, "Getting a licensed player onboard should tip the scale in our favour and is a huge opportunity for us."
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