Two-wheeler rental service provider Vogo has raised $11.5 million in the extension of series C round from its existing investors including Light rock, Kalaari Capital, Matrix Partners, and Stellaris venture partners.
“The fund will be used to expand and electrify the fleet, to increase focus on achieving profitability by improving unit economics, assets utilization and to optimize marketing growth through a better understanding of consumers,” Vogo in its statement said.
Founded in 2016 by Anand Ayyadurai, Padmanandhan Balkrishnan, and Sanchit Mittal, Vogo is a two-wheeler rental service company operating in Hyderabad and Bengaluru. The company has over 3 million registered users and has served over 10 million rides till-to date.
Speaking on the funding, Anand Ayyadurai co-founder of Vogo said, “Vogo strives to provide technology-driven safe and convenient mobility solutions to daily commuters. 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 intend to utilize this capital to strengthen our product line and focus on better customer experience going forward,” he added.
