Ola to invest $100 mn in Vogo scooter-sharing start-up
Bengaluru: India’s leading cab-hailing platform Ola on Tuesday announced investing $100 million (Rs 711-crore) in scooter-sharing start-up Vogo.
“As part of the partnership, Ola will boost Vogo’s supply by investing in 100,000 scooters on Vogo platform worth $100 million,” the city-based ride-sharing app said in a statement.
Ola, however, did not disclose the source of its investment.
Vogo’s scooter-sharing facility will soon be available from Ola app, the company said.
Bengaluru-based Vogo is a point-to-point ‘dockless’ scooter-sharing company, operating in the Karnataka capital and Hyderabad.
Vogo app allows users to pick up and drop off scooters, which are equipped with Internet of Things (IoT) device that allows access to the key through a one-time-password, thereby eliminating the need for human intervention.
The capital infusion will give Vogo a supply advantage without having to incur significant capital expenditure, Ola said.
“Our investment in Vogo will help build a smart multi-modal network for first-last mile connectivity in the country,” Ola’s Chief Executive Bhavish Aggarwal said in the statement.
Vogo had raised $7 million Series A funding from Ola, Matrix Partners India and Stellaris Venture Partners in April.
Founded in 2016, Vogo claims to have had 100,000 users renting scooters for short commutes from over 200 locations in Bengaluru and Hyderabad.