Ola to invest $100mn in scooter sharing startup Vogo
New Delhi: Ride hailing platform Ola Tuesday said it is investing USD 100 million in scooter-sharing platform Vogo.
“As part of this partnership, Ola will boost Vogo’s supply by investing in 100,000 scooters on the Vogo platform, worth $100Mn,” a company statement said.
The company said that this infusion will give Vogo a strategic supply advantage without having to incur significant capital expenditure. Additionally, Vogo’s offerings will also be available for Ola’s 150mn+ 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.
Vogo is a point-to-point dockless scooter sharing company, currently present in Bengaluru and Hyderabad. Every Vogo scooter comes with an IOT device that allows the customer to access the key via OTP.
“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,” Bhavish Aggarwal, Co-founder & CEO, Ola said.
Vogo founder and CEO Anand Ayyadurai said the company 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,” he added.