Scooter rental startup Vogo secures funding from Ola

Must Read

President Ram Nath Kovind appoints new governor for Kerala, Telangana, Himachal Pradesh and Maharashtra

President Ram Nath Kovind appointed new governors for Maharashtra, Kerala, Telangana, Rajasthan, and Himachal Pradesh on Sunday. Former Union Minister Kalraj...

NRC list for Assam released; Fear looms as 19 lakh people face exclusion

NRC (National Register of Citizens) for Assam has been published at 10 am today. The final list excludes over...

Lateral Entry Era Begins as Union govt. appoints 9 professionals to Joint Secretary posts

The government has appointed its first batch of private professionals to the post of Joint Secretary in various ministries....

Scooter rental startup Vogo has raised an undisclosed amount in funding from a number of prominent investors including cab-hailing company Ola, along with Hero MotoCorp chairman Pawan Munjal’s family office, Stellaris Venture Partners, Matrix Partners India.

Other participants involved in the round were Aprameya Radhakrishna, founder of TaxiForSure, Rajesh Yabaji, founder of BlackBuck, and Mayank Bidawatka, founder of Goodbox.

Merisis Advisors acted as financial advisors for Vogo’s investment deal.

The funds raised will be used to expand its penetration in the market, along with boosting the marketing and branding team.

The recent funding comes soon after another scooter rental startup Metro Bikes (Bounce) raised ₹84 crores in series A funding led by Sequoia India and Accel Partners.

Vogo was founded by Anand Ayyadurai, Padmanabhan Balakrishnan and Sanchit Mittal in 2016 with its headquarter in Bengaluru. It provides a cost-effective transportation solution for its users. It is a dockless scooter rental service that lets customers rent scooters for a one-way journey. Vogo uses an OTP-based IoT sensor in its scooters to access the key without the need for human intervention.

“At scale, Ola has understood the demand-supply gaps for customers and we are looking to leverage that data to choose pick up points for Vogo users. Our long-term goal is to turn Vogo into a 100-city play with dense penetration in key cities,” Anand Ayyadurai, founder and CEO of Vogo.

Currently, the startup is operational in Bengaluru and Hyderabad with limited pickup and drop off points. The startup is looking to add another 1,000 pickup points across Bengaluru and Hyderabad, as it looks to expand its fleet of 500 scooters to over 30,000 in the next two years.

Vogo sources its fleet of scooters from OEM’s like Honda, TVS Motor Company, and Hero MotoCorp, along with dealers and individuals through a peer-to-peer model.

There is a growing interest in the two-wheeler rental market in India, as people look towards two-wheelers as a cost-effective and an efficient mode of transportation in crowded metros.


Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Wipro techies run in 110 cities to celebrate camaraderie

Bengaluru, Sep 22 (IANS) Celebrating the spirit of camaraderie, thousands of global software major Wipro's techies, their families, friends,...

Punjab CM slams Harsimrat on Golden Temple GST refund

Chandigarh, Sep 22 (IANS) Punjab Chief Minister Amarinder Singh here on Sunday slammed Union Minister Harsimrat Kaur Badal for her allegations that the state...

ISRO’s latest rocket science maths pains former officials

Chennai, Sep 22 (IANS) Indian Space Research Organisation (ISRO) Chairman K.Sivan's statement on Saturday that Rs 978 crore Chandrayaan-2 mission was 98 per cent...

Petrol prices rise Re 1.60 in one week post Aramco attack (Lead)

New Delhi, Sep 22 (IANS) Domestic fuel prices have increased significantly over the past one week after the recent drone attacks on Saudi-oil major...

3rd T20I: Unchanged India bat first in Bengaluru (Toss)

Bengaluru, Sep 22 (IANS) India have elected to bat first at the M. Chinnaswamy stadium here on Sunday in the third and final T20I...
- Advertisement -

More Articles Like This