Ola to invest $100 mn in scooter sharing startup Vogo
Scooter sharing startup Vogo has entered into a strategic partnership with Ola where Ola will invest in 100,000 scooters on the Vogo platform, worth $ 100 million. As part of the asset financing deal Vogo’s offerings will also be available to Ola’s customer base, directly from the Ola app soon.
Ola has also invested in Vogo as part of the company’s Series A fundraising which saw participation from Matrix Partners India and Stellaris Venture Partners.
“Our investment in Vogo will help build a smart multi-modal network for first-last mile connectivity in the country. Vogo’s automated scooter-sharing platform, backed by Ola’s expertise in this space can help transform our cities. Together, we are thrilled to be at the forefront of India’s rapidly growing micro-mobility market,” said Bhavish Aggarwal, Co-founder & CEO, Ola.
“Vogo has seen rapid growth in the last 5 months, growing over 10x in scale. We are thrilled to have Ola join us on this journey and help turbocharge our growth by providing us access to strategic and capital efficient supply as well as access to millions of customers on its platform in the time to come. Ola’s deep understanding of mobility and their investment to power additional supply are extremely valuable to Vogo. As we enter into our next phase of growth, we look forward to executing our synergistic vision of the future: smart and sustainable mobility for all,” said Anand Ayyadurai, Founder and CEO, Vogo.
“India presents a unique, untapped opportunity for scooter-sharing. With the backing of right partners, innovative solutions and nuanced market understanding, we are well-positioned to capitalise on this opportunity and create value for all,” added Ayyadurai.
Vogo is a point-to-point dockless scooter sharing company, currently present in around 200 designated points across Bangalore and Hyderabad. Vogo scooters come with an IOT device that allows the customer to access the key via OTP.
“This infusion will give Vogo a strategic supply advantage without having to incur significant capital expenditure,” read a communiqué from the company.
Just last month vehicle sharing marketplace Drivezy(formerly JustRide) secured USD 100 million in an asset financing deal backed by Japan’s AnyPay.*
