Total amount raised
$189.6 Million
Latest funding date
02/01/2021
Location
Vogo has raised funding over 12 rounds, with the latest being a Series C round. The company is backed by 22 investors, including Kalaari Capital and Z47.
Keep reading to explore the intricacies of Vogo's fundraising journey and the investors backing this innovative platform.
What Is Vogo?
Vogo, a private company based in Kormangala, Karnataka, India, offers transportation solutions through self-driven rental scooters and cars. The company operates in the rental, sharing economy, transportation, and travel industries.
With an employee count ranging from 501 to 1000, Vogo has been acquired by Chalo and has raised funding over 12 rounds. The company is currently in its Series C funding stage.
How Much Funding Has Vogo Raised?
- Series C
- Amount Raised: USD 11,500,000
- Date: February 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand and electrify Vogo's fleet, improve unit economics, and achieve profitability by the end of the year.
- Series C
- Amount Raised: INR 30,000,000
- Date: April 2020
- Lead Investors: Exponentially I Mobility
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To extend the runway and adapt to new business models due to the impact of the COVID-19 pandemic.
- Series C
- Amount Raised: USD 19,100,000
- Date: February 2020
- Lead Investors: Lightrock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To extend the runway and adapt to new business models due to the impact of the COVID-19 pandemic.
- Series C
- Amount Raised: USD 35,000,000
- Date: January 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and improve service offerings.
- Series C
- Amount Raised: INR 212,400,000
- Date: November 2019
- Lead Investors: Stellaris Venture Partners, Z47
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance market presence.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: June 2019
- Lead Investors: Ananth Narayanan
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing business operations and growth.
- Debt Financing
- Amount Raised: INR 250,000,000
- Date: June 2019
- Lead Investors: Alteria Capital, Navi Technologies
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To finance debt and support business expansion.
- Series Unknown
- Amount Raised: INR 631,500,000
- Date: January 2019
- Lead Investors: Z47
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve service offerings.
- Corporate Round
- Amount Raised: USD 100,000,000
- Date: December 2018
- Lead Investors: Ola
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technological capabilities.
- Debt Financing
- Amount Raised: INR 80,000,000
- Date: October 2018
- Lead Investors: Alteria Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To finance debt and support business growth.
Total Amount Raised: USD 176,600,000. Current Valuation: Not publicly disclosed.
Key Investors
- Lightrock
- Details: Lightrock is a global private equity firm that focuses on businesses driving positive change and sustainable growth. They have a strong presence in sectors that aim to create a more inclusive and sustainable world.
- Investment Focus Areas: Healthcare, education, clean energy.
- Notable Investments: Not publicly disclosed.
- Kalaari Capital
- Details: Kalaari Capital is a venture capital firm based in India, investing in early-stage technology startups. They have a significant portfolio of companies in the Indian tech ecosystem.
- Investment Focus Areas: Early-stage technology startups in India.
- Notable Investments: Dream11, Cure.fit, Myntra.
- Matrix Partners
- Details: Matrix Partners is a venture capital firm that invests in early-stage companies across various sectors. They have a global presence and a strong track record in consumer technology and enterprise investments.
- Investment Focus Areas: Consumer technology, enterprise, fintech.
- Notable Investments: Ola, Practo, Quikr.
- Stellaris Venture Partners
- Details: Stellaris Venture Partners is an early-stage venture capital firm that focuses on technology and technology-enabled businesses in India. They aim to support innovative startups with high growth potential.
- Investment Focus Areas: Technology, technology-enabled businesses.
- Notable Investments: Mamaearth, Whatfix, LoadShare.
- Ola Cabs
- Details: Ola Cabs is a leading ride-hailing company in India, known for its extensive network and innovative mobility solutions. They have also invested in various mobility and transportation startups.
- Investment Focus Areas: Mobility, transportation.
- Notable Investments: Vogo, Avail Finance.
What's Next for Vogo?
Vogo's future looks promising with significant opportunities for growth. The company plans to expand and electrify its fleet, leveraging advanced technologies like AI, ML, and IoT to enhance service offerings. This expansion is expected to improve unit economics and asset utilization, positioning Vogo to achieve profitability by the end of the year. With a substantial market presence, having served over 10 million rides, Vogo is well-placed to capitalize on the growing demand for electric vehicles and sustainable urban mobility solutions.
Future fundraising opportunities appear likely as Vogo continues to show strong growth and investor confidence. The recent $11.5 million Series C funding round from existing investors underscores the market potential and investor interest in the two-wheeler rental space. As Vogo aims to expand its fleet and ride volumes significantly in the next 18 months, additional funding rounds may be pursued to support these ambitious goals.
However, Vogo may face challenges in achieving profitability within the targeted timeframe and managing the expansion and electrification of its fleet efficiently. The company will need to navigate market uncertainties and competition from other well-funded startups in the mobility sector. Ensuring high asset utilization and optimizing unit economics will be crucial for sustainable growth. Despite these challenges, Vogo's focus on innovation and strategic growth positions it well for future success.
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