[Funding alert] Ananth Narayanan of Myntra and K Ganesh of GrowthStory invest in bike rental startup VOGO
Founded in 2016 by Anand Ayyadurai, Padmanabhan Balakrishnan, and Sanchit Mitta, VOGO has raised an undisclosed amount of funding. The bike rental startup is looking to leverage their investors' expertise 'in our journey to building VOGO into an independent, valuable transportation company'.
Tuesday June 18, 2019,
3 min Read
Bangalore-based scooter sharing app VOGO today announced that it had raised an undisclosed amount from former Myntra CEO Ananth Narayanan, serial entrepreneurs K Ganesh and Srini Anumolu, and Manish Vij, the Founder of SVG Media.
Commenting on the investment, Ananth Narayanan, former CEO, Myntra, Jabong, said,
“VOGO is solving a problem that affects millions of Indians - finding an affordable, reliable commute option for everyday use. The traction and rapid growth they have seen is a real validation of their strong product-market fit and a testament to their commitment towards providing superior customer experience with a dense network of VOGO stations. I am excited to back the VOGO team and be a part of their hyperscale journey.”
Founded in 2016 by Anand Ayyadurai, Padmanabhan Balakrishnan, and Sanchit Mitta, VOGO had previously raised Series A and B rounds from ride-hailing major Ola as well as venture capital firms Kalaari Capital, Matrix Partners, and Stellaris Venture Partners. This deal came via the Stellaris Founder Network.
Full speed ahead
Speaking on the announcement, Anand Ayyadurai, CEO of VOGO, said,
“We are excited to welcome Ananth, Srini, Ganesh and Manish to the VOGO family. They are seasoned entrepreneurs with a strong track record of creating large, valuable companies. We look forward to leveraging their expertise in our journey to building VOGO into an independent, valuable transportation company.”
Vogo users can access scooters from designated pickup-and-drop points and drop the scooter at any other point in the city. Vogo said in an official statement that it leveraged innovative inhouse hardware that is attached to the scooter, allowing customers to access the key without any human interaction and be on their way.
It is currently operational in five cities (including Bangalore, Hyderabad, Chennai, and others) and across 500 points, and claims to have served over three million rides on its platform. Users are charged Rs 5 per km for up to 12 hours.
“The micro-mobility space is exploding globally and is driving the growth of the personal transportation space. VOGO has had an impressive journey so far, and their clarity of thought and vision with a tech-driven approach to finding solutions have helped them achieve this incredible growth,” said K Ganesh of GrowthStory.
Earlier this month, venture debt fund Alteria Capital invested $3.6 million in the company. It had earlier participated in VOGO’s Series A investment round.
VOGO competes with the likes of Bounce, ONN Bikes, and Rapido. On Monday, Bounce announced that it had raised $72 million in Series C funding led by Eduardo Saverin's B Capital, Falcon Edge, Accel Growth Fund, Maverick, and Qualcomm. Existing investor Sequoia Capital, IDG, Omidyar, and Accel Partners also invested in this round.