Ola Invests $100 Million In Scooter Rental Service 'Vogo' To Tackle Last Mile Connectivity Issue
Ola has now put in $100 million in another funding round in the startup. The move comes as a strategic partnership between the two firms. Ola will provide the investment to Vogo to increase its supply in the form of 100,000 new scooters.
Following its Series A funding to scooter rental service provider named Vogo, Ola has now put in $100 million in another funding round in the startup. The move comes as a strategic partnership between the two firms wherein Ola will provide the investment to Vogo to increase its supply, in the form of 1,00,000 new scooters.
The investment will allow Vogo to cut down on its expense and simultaneously increase its supply chain. In addition to this, Ola will soon also be integrating Vogo¡¯s scooter rental services within its app, thus increasing the potential user base of the service.
Bhavish Aggarwal, Co-founder & CEO, Ola commented upon the partnership ¡°Our investment in Vogo will help build a smart multi-modal network for first-last mile connectivity in the country.¡±
As of now, Vogo is present in Bengaluru and Hyderabad and claims to have served over 20 million kilometers through its platform. Vogo scooters come with an IoT device to allow the users access the key of the scooter via an OTP. The whole concept is to solve the last mile connectivity issues in the Indian cities.
Anand Ayyadurai, Founder and CEO, Vogo believes ¡°India presents a unique, untapped opportunity for scooter-sharing.¡±
Anand Ayyadurai (Vogo) & Bhavish Aggarwal (Ola)
An Ola spokesperson added that the strategic partnership will further compliment Ola Bike services for the last mile connectivity, yet remaining independent of each other due to the simple difference of booking and renting the two-wheelers.
The spokesperson, however, declined to comment upon the question of Ola¡¯s expected return from this partnership, whether in the form of revenue or equity in the company.
