[Funding alert] Bike rental startup VOGO raises Rs 28 Cr from existing investors
Bengaluru-based scooter sharing app VOGO has raised Rs 28.3 crore in the ongoing Series C funding round from existing investors Matrix Partners, Stellaris Venture Partners, and Kalaari Capital.
According to RoC filings accessed by YourStory, Matrix and Stellaris have invested Rs 10.62 crore each, while Kalaari Capital infused Rs 7.07 crore in the startup.
In June 2019, VOGO also secured an undisclosed amount from former Myntra CEO Ananth Narayanan; serial entrepreneurs K Ganesh and Srini Anumolu; and Manish Vij, the Founder of SVG Media.
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.
VOGO users can access scooters from designated pick-up-and-drop points, and drop the scooter at any other point in the city. In an official statement, VOGO said that it has leveraged its in-house hardware that is attached to the scooter, allowing customers to access the key without any human interaction and be on their way.
At present, it is operational in five cities including Bengaluru, Hyderabad, Chennai and across 500 other points. It claims to have served over three million rides on its platform. Users are charged Rs 5 per km for up to 12 hours.
Earlier in June, 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. Bounce received $72 million in its Series C funding led by Eduardo Saverin's B Capital, Falcon Edge, Accel Growth Fund, Maverick, and Qualcomm in June 2019. Existing investor Sequoia Capital, IDG, Omidyar, and Accel Partners also invested in this round.
Earlier this year, Rapido raised $10 million led by Hong Kong-based investment firm Integrated Capital. The funding also saw participation from companies such as Skycatchr, Astrac Ventures, and AdvantEdge.
(Edited by Suman Singh)