Vogo, an India-based scooter rental platform that counts ride hailing service Ola as an investor, has raised $19m in series C funding, Business Standard reported yesterday, citing a regulatory filing.
Investment fund LGT Lightstone led the round, with a contribution of $15.8m according to a filing seen by Inc 42, giving it a 14.1% stake in Vogo. It included Matrix Partners and Kalaari Capital, which now own stakes sized at 16% and 2.7% respectively.
Founded in 2016, Vogo operates a service allowing users to book electric scooters through its app. It is focused on metro stations in the cities of Bengaluru, Hyderabad and Chennai and has been responsible for more than 5 million rides.
The round valued the company at $76.3m according to documents cited by Business Standard and it follows an undisclosed amount from Stellaris Founder Network in June 2019.
Kalaari Capital had led an $8.9m round for Vogo in January 2019 that also featured Matrix Partners India, Stellaris Venture Partners and Pawan Munjal’s family trust, weeks after Ola had reportedly invested $100m, in a deal Business Standard said involved it buying 100,000 scooters for Vogo’s platform.
The company had previously received between $6m and $7m in an August 2018 series A round co-led by Ola and Pawan Munjal and backed by Matrix Partners India, Stellaris Venture Partners and undisclosed angel investors.
