Jugnoo has takenover Mumbai’s cab service Book My Cab, Jugnoo which is a supermarket delivery chain from Chandigarh. The legal information is confidential as of now, the exact sum figure is not yet disclosed.
Interestingly enough, Book My Cab acquired the collective cab permit, the previous month, which Ola and Uber failed to aqiure. The clauses are decided and within a week’s time all the formalities and paperwork would be finished up. Samar will be travelling to China for the same.
The concept of IIT, Bombay alumni, Book My Cab proves to be the third huge collective cab agency in the country and raised INR 30 crore the previous year from Vridhhi Fund-I and old trusted investors Your Nest Angel Fund and Mumbai Angels.
Jugnoo’s takeover of Book My Cab is in co-ordination with their future objectives and is a planned effort to enter Mumbai’s supermarket arena. They plan to bring 2000 more cabs on the roads. (Jugnoo+Book My Cab)With this takeover, there would be around 4000 vehicles and 10 thousand daily commutes.
Jugnoo began as an autorickshaw collective agency and rapidly advancing towards supermarket arena and at present, there are three applications – Jugnoo Autos, Jugnoo Meals and Jugnoo Fatafat. Jugnoo gained up $5 million from Snow Leopard and Paytm. They are looking forward to gaining $20 million, as per sources from IdeapreneurIndia.
Informing about this takeover, Samar Singla, CEO – Jugnoo, mentions, “Getting a licensed agency up our sleeve would be an asset for us.”
When asked upon regarding the competition prevailing in the market, he added, “Jugnoo is a rookie startup from the ground up, which delivers quality products and services to end users, and we want people to know us that way.”
This takeover is more rewarding to Jugnoo’s offerings, Book My Cab’s accessibility makes it easier for them to enter the collective cab arena. Samar adds, “Having a faithful customer base who insist cab services, for some months now and even the cabbies are insisting us to enter the cab arena.
This takeover is an important asset for Jugnoo, who were aiming to venture into the cab arena. As of current scenario, Jugnoo was dominating mostly in North India, although Jugnoo will get a huge target audience in Mumbai and Delhi, where Book My Cab had a strong foothold.
The supermarket arena has been in limelight this year, and with BookMyCab under its sleeve, Jugnoo will give a strong competition to Ola. Ola has also ventured into the supermarket arena and now , it also giving on-the-door grocery deliveries and food in Bengaluru. The supermarket arena is on an interesting phase in India. Stay in touch for more developments.