Founded in November 2014 by a handful of IITians, Jugnoo, which initially began its journey as India’s first auto-rickshaw aggregator and then progressed on to become a one-stop solution for all local needs, has now successfully become the first company in India in on-demand space to become profitable on an Earnings before interest, tax, depreciation and amortization (EBITDA) basis.
The hyperlocal startup, which offers a diverse range of services like Rides, Ready to Eat Meals, Restaurant Food Delivery, Grocery and Business to Business Delivery, has to be super joyous about its achievement since a majority of its competitors are still into investing huge bucks in the market without being able to drive out any sufficient returns.
Jugnoo began its new fiscal year on a celebratory note as a free cash flow positive business. The company’s total revenue recorded for last quarter was Rs. 11.5 Crores which has grown by an impressive 15 per cent, and Jugnoo is all set to generate a whopping Rs. 13.5 Crores in the first quarter of this financial year itself.
With 10,00,000 transactions per month across 45+ cities, what began as a small company in 2014 is now spearheading the evolution of the local Indian marketplace into a Digital Reality. Their aim is to make everyday hassle-free. Be it Food, Rides, Fresh Fruits, Vegetables and Groceries, they get them all delivered to you right at your doorsteps.
Commenting on the recent development, Samar Singla, Founder and CEO at Jugnoo said “We have always believed in the significance of developing a scalable but sustainable business model. This achievement means a lot to us as it reaffirms our faith. We have witnessed 250% growth over the past one year and are on track to achieve net revenue of Rs. 70 Crores in current financial year.”
Jugnoo has been successful in raising $16 million in funding over the past two years. Crossing the cash flow positive milestone means that the startup would now be funded by its customers rather than its investor’s money