Vogo Automotive, an on-demand transportation solutions provider, announced raising $20 million in a funding round led by LGT Lightstone Aspada. Existing investors such as Matrix Partners India, Kalaari Capital and Stellaris Venture Partners also participated in the current funding round.
As per the regulatory filings, the funds will be utilised to help Vogo expand across the country and further strengthen its IoT technology, Vogo said in a statement.
“There is a large opportunity to disrupt the market with the right offering and a sustainable model. Our growth has been on the back of our unique strengths of having a dock-based model… using IoT tech,” Anand Ayyadurai, CEO of Vogo, said, as per a media report.
Founded in 2016, Vogo provides on-demand scooter rentals to more than 2.5 million users across India. It is a dock-based scooter sharing platform where consumers are asked to pick up and drop scooters from specific points. The company faces a strong competition from Bounce, a Sequoia and Accel backed startup that uses dockless scooters.
The company was founded by Anand Ayyadurai, Padmanabhan Balakrishnan and Sanchit Mittal.