Vogo mentioned the funds shall be used for growth and electrification of its fleet and bolster present execution capabilities to realize profitability.
Vogo, a Bengaluru-based two-wheeler rental service supplier, on Thursday mentioned it had raised $11.5 million as an extension of sequence C spherical from its present traders together with Lightrock, Kalaari, Matrix Companions and Stellaris Enterprise Companions.
The startup mentioned it will use the funding to increase and electrify the fleet. It additionally goals to realize profitability by bettering unit economics and asset utilisation. It hopes to perform the profitability aim by the tip of this yr.
Vogo was based in 2016 by the alumni of IITs and IIMs – Anand Ayyadurai, Padmanabhan Balakrishnan and Sanchit Mitta. Aside from the above-mentioned traders, Vogo is backed by Ola Cabs as properly.
The startup says it makes use of innovative applied sciences comparable to Synthetic Intelligence, Machine Studying and Web of Issues to supply its rental companies. Since 2016, it claims to have served greater than 10 million rides masking about 130 million kilometres. The startup at the moment presents its companies in Bengaluru and Hyderabad. It claims to have about 3 million registered customers.
Vogo additional mentioned that it had registered an “overwhelming response” and “robust month-on-month progress” within the two cities.
“We’re delighted to see the staff at VOGO exhibit resilience and are available out of a troublesome yr stronger made doable by readability of imaginative and prescient, backed by robust execution and an ethos centered on creating worth. We proceed to assist them regardless of the uncertainty in funding within the sector as a result of we imagine that is the staff that has the imaginative and prescient and execution to construct a big mobility platform for the Indian buyer,” Vaidhehi Ravindran of Lightrock, mentioned in a launch.
The 2-wheeler rental house has drawn a giant curiosity from the traders within the final couple of years. A Enterprise Intelligence report reveals micro-mobility startups raised $157 million in enterprise capital funding in 2019. Between January-August 2020, the sector drew $139 million in funding.
Simply in January this yr, Bengaluru-based Bounce raised $105 million in a funding spherical that was co-led by present traders Eduardo Saverin’s B Capital and Accel Companions. The newest funding spherical valued Bounce at just a little over $500 million, in keeping with a TechCrunch report.