“We are thrilled to double down on our partnership with Alteria. Since they first came on board, we have grown over 70X and will leverage this investment to keep growing rapidly and bring Vogo scooters to millions of customers across India”, said Anand Ayyadurai, the CEO of Vogo.
Vogo is an Ola supported Scooter Sharing Startup initiated in Bengaluru in 2016. The astounding idea is a result of collective dynamism among Anand Ayyadurai, Padmanabhan Balakrishnan, and Sanchit Mitta. To aid ease in transportation for short distances and offer an alternative for cabs and autos, this startup provides scooters on rent.
It has the support of Matrix Partners and Kalaari Capital. Alteria Capital is a venture debt fund which has invested in Vogo for the second time. The numbers hold Rs 25crore as part of the deal. “We have seen the rapid growth in this segment over the last 9-12 months and Vogo has consistently surpassed expectations on operating performance and driving demand.”, said Vinod Murali, managing partner at Alteria Capital.
Accomplishments on the Run.
Among accomplishing major investors to its cause such as Kalaari Capital, Stellaris Venture Partners, Matrix Partners and most notably Ola- Vogo has achieved sky high success. It is serviceable in five cities in India across more than 500 points. With Ola on the run with Vogo, it has established a strategic partnership investing approximately 700 Crores. This resulted in a thousand more scooters added to Vogo’s cause.
There’s no secrecy in the open house rivalry between Yulu and Vogo. With natural synchronization, Yulu also based in Bengaluru provides rental bicycles and is in partnership with Uber. It is led by Amit Gupta who is also the co-founder of InMobi app. Yulu has recently introduced its ‘Miracle Range of Electric Scooters’ which does not need any registration or driving license. It is proving to be a strong competitor to Vogo.
Alteria Capital in Action.
With its evident interest in promoting two-wheeler usage, Alteria Capital Venture Debt Fund also has investments in Raw Pressery, Toppr, WROGN, Fingerlix, Vinculum and Dunzo. But the point of tension is in old statistics which states the closing down of many bike-taxi startups before its first annual celebration. These include Dot, TuWheelz, Rideji, Headlyt, Heybob, and Zingo. This questions the future of two-wheeler eco-friendly riding in India especially after some of the huge successes in China. Yet, Alteria Capital is in full action to support Vogo with its second big investment this year in the venture.
What’s interesting to note is a study by IIT-Delhi that states almost 70% of work travels in Indian cities is inside 5KM bound. It is evident that two-wheelers are more practical in these situations. It also connects the two-wheeler sales statistics of 2018 showing 79% upgrade.
Such instances strengthen the future of two-wheeler eco-friendly riding in India in a positive direction. A report also states Indian bike-sharing startups raised around $138 Mn in funding in 2018, compared to just $2 Mn in 2016. “We launched in August but got our license only in November. From that point, it’s been a very fast-paced effort. We were able to do our first close in 100 days flat and we are currently at about 625 Crores of commitment”, said Vinod Murali.
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