India-based scooter sharing platform Vogo is set to raise $5m to $7m in a funding round co-led by ride hailing service Ola, the Economic Times has reported.
Venture capital firms Stellaris Venture Partners and Matrix Partners India will co-lead the round with Ola, two sources familiar with the matter told ET, though none of the companies have so far confirmed the round.
Founded in 2015, Vogo runs a pay-as-you-go rental service for motorised scooters that is powered by an app that automatically locks or unlocks stationary vehicles and tracks them while in transit.
Prices for Vogo rentals start at $0.15 for 30 minutes according to ET. Should the deal close, Ola would consider distributing Vogo’s services through its platform and providing access to its data analytics.
Vogo had previously raised an undisclosed amount of seed funding in September 2017 from angel investors including Ajit Thomas, Hari Thiagarajan, Muthu Murugappan, Sriram Viji, Vishesh Rajaram and Karan Chandhok.