Ola has announced that it will invest $100 million in Vogo, a scooter sharing network for short haul commute. As per the deal, Ola will boost Vogo’s supply by investing in 1 lakh scooters on the Vogo platform, worth $100 million.
This investment will boost Vogo a strategic supply advantage without incurring any significant capital expenditure. Additionally, Vogo’s offerings will also be available for Ola’s 150 million customer base, directly from the Ola app soon. Ola has also invested in Vogo as part of the company’s Series A fundraising which has seen participation from Matrix Partners India and Stellaris Venture Partners.
Vogo is currently present in Bengaluru and Hyderabad, having served over 20 million kilometers on its platform. Every Vogo scooter comes with an IoT device that allows the customer to access the key via OTP; this eliminates the need for human intervention.
Anand Ayyadurai, Founder and CEO, Vogo said:
Ola’s deep understanding of mobility and their investment to power additional supply are extremely valuable to Vogo. As we enter into our next phase of growth, we look forward to executing our synergistic vision of the future: smart and sustainable mobility for all.
Bhavish Aggarwal, Co-founder & CEO, Ola in a statement said
Ola is committed to building a robust mobility ecosystem in India, creating a deep impact on livelihoods and how citizens get around. Our investment in Vogo will help build a smart multi-modal network for first-last mile connectivity in the country. Vogo’s automated scooter-sharing platform, backed by Ola’s expertise in this space can help transform our cities. Together, we are thrilled to be at the forefront of India’s rapidly growing micro-mobility market.