Ola leads $7 million round in bike-sharing company Vogo

Marco Green
April 18, 2018

Soon after the acquisition of Ridlr, homegrown cab aggregator Ola is now in talks with Bengaluru-based scooter rental startup Vogo Automotive to lead a $5-7 Mn round of funding in the startup. Sources close to the discussions, said early-stage investors Stellaris Venture Partners and Matrix Partners will also be participating in the first institutional funding in the company. The second mentioned has been promoted by the TVS Group while Metrobikes is said to be now in talks with major VCs, like Sequoia Capital and Accel to raise $10 million in funding.

The scooters will be provided with remote locks that can be opened via the mobile phone app.

Vogo was founded by Anand Ayyadurai, Padmanabhan Balakrishnan and Sanchit Mittal in 2016. It operates a bike-sharing platform. India has the largest two-wheeler market in the world. The company competes with the likes of Sequoia Capital and Accel Partners-funded Metrobikes as well as bicycle-sharing startups Mobycy and Yulu.

Sources claim Vogo will benefit from Ola's expertise and data analytics to understand demand patterns across cities.

Founded in 2016 by Anand Ayyadurai, Padmanabhan Balakrishnan and Sanchit Mittal, Vogo offers commuters round-the-clock scooter rental service, meant to serve as a cost-effective alternative to the more popular cabs and autos.

When contacted, both Ola and Vogo, declined to comment on the matter.

Even as the urban mobility space is receiving increasing attention, with Uber getting into bicycle sharing in major USA cities, Ola's interest in scooter sharing business in India is quite understandable. Vogo's dockless sharing scooters are like self-drive cars, making it different from bike-taxis. The vehicles' location and condition can also be tracked remotely by Vogo.

Other reports by Click Lancashire

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