Already backed by Flipkart co-founder Sachin Bansal and cab aggregator Ola (ANI Technologies Pvt. Ltd), dockless scooter rental startup VOGO Rentals has raised a fresh funding of ₹25 (~ US$3.46 Mn) in venture debt funding from Alteria Capital, which VOGO will use exclusively for scaling up iits fleet of two wheelers.
For Mumbai-based Alteria, which has a maiden debt fund with a corpus of ₹800 crore, this is second fund infusion into Vogo, as in last October, the Venture debt firm had invested ₹8 crore into Vogo, as part of Vogo’s $7 Mn Series A round led by Ola, Stellaris Venture Partners and Matrix Partners.
With this, VOGO has raised a total of about US$120 Mn in funding over six rounds.
Since April last year, VOGO has scaled from around the then 5,000 vehicles to currenr fleet of 12,000 vehicles across 5 cities including Bangalore, Hyderabad and Chennai.
Talking about the recent investment, Vinod Murali, managing partner at Alteria Capital, said, “We have seen the rapid growth in this segment over the last 9-12 months and Vogo has consistently surpassed expectations on operating performance and driving demand. While there are many more execution aspects to tackle as they scale, we feel this team is well placed to emerge as a strong player in the urban mobility category.”
Started in 2017, the Alteria fund has already secured commitments from anchor investors such as IndusInd Bank and Small Industries Development Bank of India (SIDBI).
In March, Flipkart co-founder Sachin Bansal had invested an undisclosed amount in VOGO. Prior to that in December last year, 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.