Vogo, the Bengaluru-based scooter sharing startup, announced it has raised $11.5 million from existing investors Lightrock, Kalaari, Matrix Partners and Stellaris Venture Partners as an extension of its Series C round.
The startup will use the capital to expand and electrify its two-wheeler fleet and strengthen its product line to cater to post-pandemic users. The company, which initially offered only point-to-point services, now has three different plans including flexible and long-term rentals.
“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 build on our strengths and roll-out a profitable Electric Vehicle offering going forward,” said Anand Ayyadurai, cofounder and CEO at Vogo.
The company said it has seen an overwhelming response from users for its service in its two markets of Bengaluru and Hyderabad and is registering strong month-on-month growth. While it didn’t break out specific numbers, in August 2019 it had claimed it was clocking 50,000 trips a day and had about 11,000 scooters on the roads.
Founded in 2016 by Anand Ayyadurai, Padmanabhan Balakrishnan and Sanchit Mittal, Vogo faces strong competition from Bounce, a Sequoia and Accel backed startup that uses dockless scooters.
