Tuesday, November 12, 2019

Steadview Capital to lead $50 million funding round in scooter rental startup Vogo: Sources

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Steadview Capital is, reportedly, in a dialogue to head $50 million (approx INR 359 crore) funding round in Vogo, a Bengaluru-based two wheeler vehicle (scooter) rental startup, reported Mint, citing sources.

The above cited sources revealed that Matrix Partners, Stellaris Venture Partners and Kalaari Capital are also expected to participate in the round.

The sources said, “Steadview has had early conversations with Vogo for an investment, but it is still evaluating the viability and scalability of the sector.”

Vogo was launched in 2016 by Anand AyyaduraiPadmanabhan Balakrishnan, and Sanchit Mittal. It offers scooters on rent across five Indian cities.

The platform provides scooters and motorcycles on rent through its mobile application wherein users can pick up and drop the vehicles at dedicated places within a city.

The service is currently available in Hyderabad and Bengaluru. Vogo is backed by Ola and both have a common investor Matrix Partners.

“Steadview is also an investor in Ola, Matrix’s biggest company, and hence Matrix is also driving the conversation for Steadview to invest,” one of the sources said.

Some of the significant startups under the similar roof include Yulu, Uber, Bounce, Rapido, Ola, among more.

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