[Funding] Mobility startup VOGO secures additional USD 11.5 million Series C fund from existing investors

Mobility startup VOGO has announced that it has raised USD 11.5 million capital as an extension of series C round. Existing investors Lightrock, Kalaari, Matrix Partners and Stellaris Venture Partners participated in the round. The company aims to use the funds to expand and electrify the fleet. It further aims to increase focus on achieving profitability with improvement in unit economics. The startup also aims to optimise marketing growth through better consumer understanding.

On the funding, Anand Ayyadurai, Cofounder and CEO, VOGO said that they aim to provide safe and convenient mobility solutions. “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 aim to build on our strengths and roll-out a profitable Electric Vehicle offering going forward,” he said. He also stated that they have significantly improved their unit-level profitability. “We intend to utilize this capital to strengthen our product line; focus on better customer experience going forward,” he added.

Expressing views on the funding, Vaidhehi Ravindran of Lightrock said, “We are delighted to see the team at VOGO demonstrate resilience and come out of a tough year stronger made possible by the clarity of vision, backed by strong execution and an ethos focused on creating value. We continue to support them despite the uncertainty in funding in the sector because we believe this is the team that has the vision and execution to build a large mobility platform for the Indian customer.”

About VOGO

Anand Ayyadurai, Padmanabhan Balakrishnan and Sanchit Mittal founded the mobility startup in 2016. They offer flexible, affordable and reliable two-wheeler mobility solutions to daily commuters. The startup uses AI-ML and IoT to build industry-first solutions. VOGO has designed three key services based on commuters’ travel preferences. First, VOGO NOW (for short durations), VOGO KEEP (offers longer-term, from a day to 2 months) and VOGO FLEXI KEEP (offers customization of rental plans on needs basis).

Since 2016, it has served more than 10 million rides covering about 130 million kilometres. Post pandemic, VOGO has witnessed an overwhelming response from both the cities and are registering strong month-on-month growth. With a vision to make urban commute efficient and eco-friendly, the company intends to expand its fleet and ride volumes significantly in the next 18 months.