Tiger Global Management in talks with Bengaluru-based Vogo, may infuse around $40 million

Scooter rental startup Vogo secures funding from Ola
Scooter rental startup Vogo secures funding from Ola
bitcoin trading

Tiger Global Management, a New York-based investment firm, is reportedly, holding preliminary talks with Vogo, a Bengaluru-based scooter rental startup, to infuse $40-50 million in the latter, cited ET.

Tiger Global has been on a deal-making spree since late last year, racking up multiple investments in Asia’s third-largest economy after a three-year hiatus. 

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

Whereas, Tiger Global is known to be an ace investor in the B2B or enterprise technology segments, it led a $75 million equity financing round in home services marketplace UrbanClap last week, marking a rare entry into a consumer-facing venture.

In March 2019, Tiger Global, a long-time investor in ANI Technologies, which owns and operates ride-hailing platform Ola, had also participated in an estimated $56 million funding round in Ola Electric Mobility, the electric vehicle unit which had been spun off from the core business.

According to the reports, India’s mobility sector, particularly the EV segment, has received a fair amount of support from policymakers, thereby witnessing a scramble for deals by investors, there are significant hurdles that startups operating in the space still have to overcome.

Some of the significant startups under the similar roof include Drivezy, Bounce, Yulu, Uber, Rapido, and many more.

LEAVE A REPLY

Please enter your comment!
Please enter your name here