BusinessIndia

Ola to invest $100mn in scooter sharing startup Vogo to power supply of 100,000 scooters

Kolkata, Dec 18 (IEBusiness) Vogo, India’s fastest growing scooter sharing network, for short haul commute, today announced its strategic partnership with Ola, one of the world’s largest ride-hailing platforms.

As part of this partnership, Ola will boost Vogo’s supply by investing in 100,000 scooters on the Vogo platform, worth $100Mn.

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, having served over 20 million kilometers on its platform. Every Vogo scooter comes with an IOT device that allows the customer to access the key via OTP; this eliminates the need for human intervention and offers consumers a seamless experience. Scooter sharing addresses the twin challenges of pollution and congestion, while also providing a credible alternative to bridge India’s micro mobility needs.

Bhavish Aggarwal, Co-founder & CEO, Ola said “Ola is committed to building a robust mobility ecosystem in India, creating a deep impact on livelihoods and how citizens get around. 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. Together, we are thrilled to be at the forefront of India’s rapidly growing micro-mobility market.”

Anand Ayyadurai, Founder and CEO, Vogo said, “Vogo 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. Ola’s deep understanding of mobility and their investment to power additional supply are extremely valuable to Vogo. As we enter into our next phase of growth, we look forward to executing our synergistic vision of the future: smart and sustainable mobility for all.”

He further added, “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 capitalize on this opportunity and create value for all.”

Source
Via UNI-India
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