Homegrown cab aggregator Ola has announcement an investment of $100 million in scooter sharing network Vogo. This is a strategic partnership where, through the investment, Ola will boost Vogo’s supply by investing in 100,000 scooters on the Vogo platform, worth $100 million. 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.
According to a statement from Ola, 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 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,’ Bhavish Aggarwal, Co-founder & CEO, Ola said in a statement.
Vogo is a short commute, point-to-point dockless scooter sharing company, currently operational in Bengaluru and Hyderabad, and claims to have 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.
“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. 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,” Anand Ayyadurai, Founder and CEO, Vogo said.