Flipkart co-founder Sachin Bansal has invested an undisclosed amount in the Bengaluru-based scooter rental startup Vogo, which is also backed by cab-hailing firm Ola, which in turn is also an investee company of Bansal.

Bansal has invested in Vogo as a debt investment through his treasury department which is managing some of his money and investing in a bunch of startups, reported Business Standard citing a person familiar with the matter.

Last December, Vogo raised $100 million from Ola, which would allow the later to add fleet of two-wheelers to the Ola app to enable its users to rent the two-wheeled devices. So far, Vogo has raised a total of $117 million in funding over five rounds leaving out this reported funding, which is yet to confirmed by Sachin Bansal or Vogo.

Vogo is counts many high profile investors including Matrix Partner, Kalaari Capital, Stellaris Venture Partners and Pawan Munjal, Chairman & CEO of Hero MotoCorp, among others.

Currently available at limited pick up and drop off points across Bangalore, Hyderabad, Manipal and Mysore, Vogo lets its customers to rent out scooters for short one way trips. Each scooter has a VOGO box attached that lets customers access the key without any human intervention and start riding. It has a fleet of over 4,000 scooters as of now.

Vogo ( Vehicle On the GO) was founded in 2016 by Anand Ayyadurai, an alumnus of Vishwakarma Institute of Technology in Pune and IIM-Ahmedabad, along with Padmanabhan Balakrishnan and Sanchit Mittal.

In September last year, self-drive rental platform Drivezy joined hands with Honda Motorcycle & Scooter India Pvt. Ltd. to receive 3,000 scooters on the former's platform in Bengaluru and Hyderabad. Bangalore-based Drivezy is reportedly looking at raising about $100 million in equity funding from Softbank and Amazon.

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.