Scooter rental start-up VOGO raises $35 million funding
VOGO, a Bengaluru-based start-up that provides last-mile connectivity solutions in the form of self-drive rental scooters, has raised $35 million in a Series C round of funding led by Lightstone Aspada. As part of the same round, the company had earlier received $4 million from Stellaris Venture Partners, Matrix Partners India, and Kalaari Capital in November 2019. Here are more details.
VOGO: A hassle-free last-mile connectivity solution
Founded by Anand Ayyadurai, Padmanabhan Balakrishnan, and Sanchit Mittal in 2016, VOGO has been offering a mobile app to let people rent scooters for short one-way trips. For the hassle-free commute, the company provides IoT-enabled in-house hardware VOGO box, which is attached to each scooter allowing users to unlock the two-wheeler without any human intervention.
VOGO has a fleet of around 20,000 vehicles
At present, VOGO has a presence in South Indian cities like Bengaluru, Hyderabad, and Mysuru with a fleet of around 20,000 vehicles. The start-up, which promises an affordable last-mile connectivity platform, offers rides starting from Rs. 3/km. Meanwhile, the VOGO mobile application has crossed over one million app installs on the Google Play Store so far.
The company has raised over $150 million since its inception
VOGO has not commented on the latest fund-raise, but previous media reports suggest that the company is planning to increase its fleet of scooters and expand its operations. Besides that, the start-up is also likely to foray into EV space sometime soon. Meanwhile, according to Crunchbase data, the company has received around $158 million in funding since its inception.
And, here's a look at the rivals of VOGO
In the ride-sharing space, VOGO takes on the likes of Bounce, ONN Bikes, and Rapido. To recall, just last week, Bounce had received a whopping $105 million in a Series D round of funding and is currently valued at around $520 million.
