Vogo Automotive which provides a self-ride two-wheeler rental service announced that it has raised USD11.5 million capital as an extension of series C round, from its existing investors including Lightrock, Kalaari, Matrix Partners and Stellaris Venture Partners.
The funds will be utilised to expand and electrify the fleet, to increase focus on achieving profitability by improving unit economics, asset utilisation and to optimise marketing growth through better consumer understanding.
“VOGO strives to provide technology driven safe and convenient mobility solutions to daily commuters. Our focus on a disciplined approach to growth during the pandemic has helped us to come out stronger with competitive scale and leadership in profitability. We are committed to building on our strengths and rolling out a profitable electric vehicle. Having significantly improved our unit level profitability in our existing business this year, we intend to utilise this capital to strengthen our product line and focus on better customer experience going forward.” – said Anand Ayyadurai, co-founder and CEO, VOGO.
Vaidhehi Ravindran of Lightrock said, “We are delighted to see the team at VOGO demonstrate resilience and come out of a tough year stronger. It was made possible by clarity of vision, backed by strong execution and an ethos focused on creating value. We continue to support them despite the uncertainty in funding in the sector because we believe this is the team that has the vision and power to build a large mobility platform for the Indian customer.”
The company was founded in 2016 by the alumni of IITs and IIMs, Anand Ayyadurai, Padmanabhan Balakrishnan and Sanchit Mittal.It is a personal mobility solution provider that offers flexible, affordable and reliable two-wheeler rides to daily commuters.
VOGO has served more than 10 million rides covering about 130 million km since 2016. Post pandemic, VOGO has witnessed an overwhelming response from the cities and are registering a strong month-on-month growth.
The company has a vision to make urban commutes efficient and eco-friendly and intends to expand its fleet and ride volumes significantly in the next 18 months.