2020-02-26

Matrix-backed Vogo raises Series C funding led by LGT Lightstone Aspada

 

26th February 2020. Bengaluru: Vogo Automotive, an on-demand personal mobility company that is revolutionizing commute in India, announced today the closing of its Series C fundraise led by LGT Lightstone Aspada, with participation from existing investors Matrix Partners India, Kalaari Capital and Stellaris Venture Partners. The investment will be used to help Vogo expand its presence pan India as well as further strengthen its proprietary IoT (Internet of Things) technology.

Headquartered in Bengaluru, Vogo provides on-demand scooter rentals to more than 2.5 million users across India. Vogo’s mission is driven by the lack of convenient commute options between the overburdened public transport and high-priced driver-based transport modes. Leveraging on its key strengths such as proprietary IoT technology and strategic partnership with Ola, Vogo has grown exponentially over the last 20 months.

Vogo follows a dock-based model where consumers are asked to pick up and drop scooters from specific points. This provides customers with predictability, helping establish user loyalty while ensuring assets are safe, well-maintained and usable for customers. Having a dock-based model also helps to keep the rebalancing cost, i.e. the cost of redistributing the vehicles to generate demand daily, very low while eliminating the losses due to theft and vandalism.
 
Recent multiple technology enhancements through IoT have allowed Vogo to significantly reduce its operational costs and enabled Vogo to make rapid strides on margins, with the unit economics improving by over 75% in the last 6 months.
 
“Private vehicle ownership is very low in India and the current commute options available are riddled with inefficiencies on pricing and convenience. There is a large opportunity to disrupt the market with the right offering and a sustainable business model. Our rapid growth in a record time span has been on the back of our unique strengths of having a dock-based model and best-in-class asset management using proprietary IoT technology. We are excited to partner with LGT Lightstone Aspada on the next leg of growth and expand our presence pan India.” Said Anand Ayyadurai, Vogo Co-Founder and CEO.
 
Vignesh Nandakumar, Partner, LGT Lightstone Aspada said, “We are excited to team up with Vogo and other investors to address the significant gaps in affordable on-demand mobility in India. We believe in the shared docked model that they have developed in a way that creates immense value for customers, while being responsible at a societal and personal level. We look forward to being part of their pan-India journey in the coming years.”
 
We are privileged to be early partners with Anand and the Vogo team, and to have been a part of their accelerated growth journey over the last 2 years. Their differentiated model sets them apart and is on the path to transform the landscape of the micro-mobility ecosystem in India. We look forward to the next phase of the journey and welcome LGT Lightstone Aspada to the partnership.” Said Tarun Davda, Managing Director, Matrix India.
 
About Vogo:
Vogo is India's fastest growing scooter sharing startup, founded by Anand Ayyadurai, Padmanabhan Balakrishnan and Sanchit Mittal. Customers walk upto their nearest Vogo dock, seamlessly unlock the scooter via the app and use it for any mobility need they have. Vogo serves the mobility needs of over 2.5 million customers across India and is backed by marquee investors like Ola, Matrix Partners India, Stellaris Venture Partners, LGT Lightstone Aspada and Kalaari Capital. More information is available at www.vogo.in
 
About Matrix Partners India:
Matrix Partners India is an investment firm with approximately $1 billion under management. Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. Matrix India has invested in several market leading companies such as Ola (local transportation), Quikr (online classifieds), Practo (digital health platform), Dailyhunt (mobile local language platform), Treebo (digital hotel chain), Limeroad (social e-commerce platform), Mswipe (mobile POS), Five Star Business Finance (SME lending), OfBusiness (credit led B2B marketplace), Ola Electric (multimodal electric vehicle platform), Razorpay (payments), Stanza Living (tech enabled student housing platform) Vogo (scooter sharing), Oye! Rickshaw (shared micro-mobility) and Cloudnine Hospitals (leading chain of maternity hospitals), among others. Matrix India has advisory offices in Bangalore, Delhi and Mumbai. Matrix Partners has a global network of funds investing in the US, China and India, with approximately $5 billion under management. Further information is available at www.matrixpartners.in