Ola takes a Vogo ride
Ola to invest $100 million in scooter-sharing start-up Vogo
- Published 19.12.18, 1:47 AM
- Updated 19.12.18, 9:25 AM
- a min read
Cab aggregator Ola on Tuesday said it is investing $100 million in Vogo, a scooter-sharing platform for short commutes.
“Ola will boost Vogo’s supply by investing in 1,00,000 scooters worth $100 million. This infusion will give Vogo a strategic supply advantage without having to incur significant capital expenditure,” the company said in a statement.
Vogo’s service will also be available to Ola’s over 150 million customers, directly from the Ola app.
Vogo is a point-to-point dockless scooter-sharing service, present in Bangalore and Hyderabad with over one lakh users so far.
Ola’s investment in Vogo is part of the latter’s series A fund-raising that also saw participation from Matrix Partners India and Stellaris Venture Partners.
Every Vogo scooter comes with an internet of things (IOT) device that allows the customer to access the key through OTP.
“Our investment in Vogo will help build a smart multi-modal network for first-last mile connectivity in the country,” Ola co-founder and CEO Bhavish Aggarwal said.
According to Vogo founder and CEO Anand Ayyadurai, the company has seen rapid growth in the last five months and it has grown over 10 times 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.
“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,” he said.
In December last year, Ola had acquired Foodpanda's India business from Germany’s Delivery Hero in an all-stock deal.