[Funding alert] VOGO raises $11.5M to focus on growth and EV expansion
Kalaari Capital, Matrix Partners, and Stellaris Venture Partners., a Bengaluru-based tech-enabled self-ride two-wheeler rental service startup, on Thursday announced it has raised $11.5 million capital as an extension of Series C round, from its existing investors including Lightrock,
The startup will be used to expand and electrify the fleet, to increase focus on achieving profitability by improving unit economics, asset utilisation, and to optimise marketing growth through better consumer understanding. With net positive contribution margins, VOGO is making strides towards achieving profitability by the end of this year, the statement added.
Anand Ayyadurai, Co-founder and CEO, VOGO, said,
“Having significantly improved our unit level profitability in our existing business this year, we intend to utilise this capital to strengthen our product line and focus on better customer experience going forward.”
Founded in 2016 by the alumni of IITs and IIMs — Anand Ayyadurai, Padmanabhan Balakrishnan, and Sanchit Mittal — VOGO is a personal mobility solution provider that offers two-wheeler rides to daily commuters. Leveraging emerging technologies like Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT), VOGO has designed three key services based on commuters’ travel preferences — VOGO NOW (for short durations), VOGO KEEP (offers longer term, from a day to two months), and VOGO FLEXI KEEP (offers customisation of rental plans basis the need).
“We are delighted to see the team at VOGO demonstrate resilience and come out of a tough year stronger made possible by clarity of vision, backed by strong execution and an ethos focused on creating value. We continue to support them despite the uncertainty in funding in the sector because we believe this is the team that has the vision and execution to build a large mobility platform for the Indian customer,” said Vaidhehi Ravindran of Lightrock.
Since 2016, VOGO has served more than 10 million rides covering about 130 million kilometres.
With a vision to make urban commutes efficient and eco-friendly, the company intends to expand its fleet and ride volumes significantly in the next 18 months.