Fresh from getting a $100 million funding from India’s ride-hailing unicorn Ola Cabs in December 2018, scooter rental startup Vogo Automotive raised another Rs 63.1 crore in a venture round this week.
The investment, which was led by Matrix Partners India, with Stellaris Venture Partners, Kalaari Capital, and Pawan Mujal, brings to $117 million the total funding received by the Bangalore-based firm.
Founded only in 2016, Vogo allows customers to rent IoT-enabled scooters for short one way trips. Customers can access the scooter and start riding via a Vogo box attached to the vehicle. Booking a ride is done by scanning a QR code. Rides start at Rs 1.20 per minute.
From its website, Vogo claims that it has enabled over a million riders, and its passengers have travelled over 10 million kilometers since it stated the service.
Information from Crunchbase shows that Vogo has $3 million in revenue annually and competes with other India-based bike-hailing platforms ONN Bikes, Rapido, and Bikxie (MhV Pvt Ltd).
However, it says the firm has limited pick up and drop off points across Bangalore and Hyderabad.
However, when Ola invested in the company last December, Vogo tweeted that it will use the investment to put 100,000 scooters on the road to expand operations.
We're thrilled to partner with @Olacabs as they invest $100mn to add 100k scooters on Vogo. We're excited to leverage Ola's deep experience in mobility space & partner with a visionary entrepreneur @bhash on our growth journey. Soon, users can book a Vogo scooter on the Ola app! pic.twitter.com/xnQnY76gU9
— Vogo - Daily Scooter Rentals (@Vogo_rentals) December 18, 2018