App-based ride-hailing platform Ola has announced that the company will be investing $100 million (around Rs. 710 crore) in Vogo - India...
App-based ride-hailing platform Ola has announced that the company will be investing $100 million (around Rs. 710 crore) in Vogo - India's fast-growing scooter sharing network. The investment will go into the supply of 100,000 scooters by Vogo that will be used for short commutes. The collaboration will help Vogo gain a strategic supply advantage without having to incur signfiicant capital expenditure, while Ola's 150 million customer base will be able to use Vogo's services directly from the company's mobile app.
Ola co-founder and CEO, Bhavish Aggarwal said, "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."
Vogo - Founder and CEO, Anand Ayyadurai said, "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." He further added, "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."
Vogo has been described a a point-to-point dockless scooter sharing platorm, aimed at improving last mile connectivity. At present, the company operates in Bengaluru and Hyderabad having served over 20 million kilometres. All Vogo scooters come with an IOT device that eliminates the need for human intervention. This allows the customer to access to the scooter's key via OTP, thereby offering a safe and seamless user experience.
Vogo says scooter sharing addresses the challenges of pollution and congestion, while also providing a credible alternative to bridge India's micro mobility needs. Ola's investment in Vogo is part of the company's Series A fundraising that has seen participation from Matrix Partners India and Stellaris Venture Partners.
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