Vogo the dockless scooter sharing platform which is Bengaluru based has raised funding of $100 million from Ola.
This huge investment by the mega riding Ola will surely boost up and help Vogo to increase the supply by investing in 100,000 numbers of scooters, so now the Vogo will also be available of the application of Ola. This fundraising will also reduce the capital expenditure of Vogo.
The company also raised an undisclosed amount funding which was done by Ola, The chairman of Hero MotiCorp Pawan Munjal, Stellaris Venture and Matrix Partners in the month of August this year.
Vogo is operating in Hyderabad and Bengaluru currently and is planning to add approx 1,000 pickup points for customers across the operating cities in the approaching year.
The Vogo app enables all the users to unlock, locate and pick up bikes or scooters at one point and drop location will be at a different point, the scooters of Vogo comes with an IoT device which only allows the users to access it with an OTP.
The company claims that it has served 20 million kilometres, Vogo gives access to the customers to rent scooters for a short trip across the city Hyderabad and Bengaluru. The platform was founded by Padmanabhan Balakrishnan, Sanchit Mittal and Anand.
The platform has seen rapid growth in the past five months and has grown over 10x in scale. He added that Ola’s understanding of mobility and their investment to the power supply are helpful to Vogo, As we enter into our next phase of growth, we look forward to executing our synergistic vision of the future: smart and sustainable mobility for all. – Anand Ayyadurai, CEO, Vogo
“With the backing of right partners, innovative solutions and nuanced market understanding, we are well-positioned to capitalise on this opportunity and create value for all”, he added.
“Ola is committed to building a robust mobility ecosystem in India, creating a deep impact on livelihoods and how citizens get around. Our investment in Vogo will help build a smart multi-modal network for first-last mile connectivity in the country. Vogo’s automated scooter-sharing platform, backed by Ola’s expertise in this space, can help transform our cities.” Co-founder and CEO of Ola Bhavish Aggarwal said.
As of now there this great increase in the scooter sharing platform, there is also Rapido which claims to have approx 1,000 in Gurgaon, 4000 bikes in Bengaluru. Bounce which was rebranded raised $12.2 million funding by Sequoia Capital.
In Hyderabad and Chandigarh Uber launched uberMOTO two years back, as per the AlphaBeta Analytics users save 38 per cent time by using uberMOTO.
By this huge investment in the Vogo and access of it on the Ola app, it is quite visible that Ola has entered this fast-growing platform.