Indian mobility startup Vogo snags funding from Kalaari, Matrix, others

The Vogo founding team

Two-wheeler shared mobility startup Vogo has raised $11.5 million as an extension of its Series C round from existing investors Lightrock, Kalaari Capital, Matrix Partners and Stellaris Venture Partners.

The capital will be used to expand and electrify the fleet, to increase focus on achieving profitability by improving unit economics, asset utilisation and to optimise marketing growth, the Bengaluru-based firm said.

Vogo aims to achieve profitability by the end of this year.

“…We are committed to build on our strengths and roll out a profitable electric vehicle offering going forward. Having significantly improved our unit level profitability in our existing business this year, we intend to utilize this capital to strengthen our product line and focus on better customer experience going forward,” said Anand Ayyadurai, co-founder and CEO, Vogo.

Vogo has designed three services based on commuters’ travel preferences – Vogo NOW (for short durations), Vogo KEEP (offers longer term, from a day to two months) and Vogo FLEXI KEEP (offers customization of rental plans basis the need).

Two-wheeler rental startups such as Vogo and Yulu have been gearing up to introduce new variants of EV to their fleets to diversify product offerings, explore new use cases and add revenue streams to beat the adverse impact of the pandemic on their businesses.

Vogo plans to launch low-speed EV variants in the first half of 2021, Mint reported in December.

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.