Published By : 18 Apr 2018 | Published By : QYRESEARCH
Ola is leading the latest US$5 mn to US$7 mn funding round in Vogo, a bike-sharing startup, together with venture capital investors Matrix Partners India and Stellaris Venture Partners, tells a source close to the company; as another segment in the ride-sharing marketplace gains momentum. However, Matrix, Ola, Vogo, and Stellaris Partners chose not to respond to the queries. The 3-years old Vogo operates a scooter-sharing network, which enables customers to select the vehicle from various designated pickup points spread across the city and get dropped at any other designated point when the ride ends. The funding of this company comes at a point when Metrobikes, another startup, is in advanced talks to generate US$10 mn from Accel and Sequoia, two of the top-tier venture capital firms.
“For Vogo, Ola’s investment is important. Since India has the world’s biggest two-wheeler market, it completely makes sense for the organization to ensure that they can seize the market in the long run,” stated an official on condition of anonymity. The procedure of booking a cab on Vogo is fully automated as the bikes are equipped with hardware for auto lock or unlock options via an app, which can track the vehicles remotely and check the status of the bikes. The official further claims that Vogo will gain substantially from Ola’s data analytics and expertise to understand the demand patterns across cities. The startup will also benefit from a potential distribution using Ola’s platform in the near future. RentOnGo and Metrobikes will be the main competition of Vogo in this space.