Two-wheeler rental startup Vogo raises funding from existing investors; eyes profitability by year-end

Tips for Purchasing Pre-owned Two-wheeler, Tips for buying bike or scooters Second-hand bike, Tips for buying bike or scooters Second-hand scooters, RC, PUC, Pre-owned Two-wheeler market, Second-hand Two-wheeler market, indian bike market, indian scooters marketThe firm meant to develop its fleet and journey volumes considerably within the subsequent 18 months. (Representational picture)

Self-ride two-wheeler rental service Vogo has raised $11.5 million funding as an extension of collection C spherical from its existing buyers together with Lightrock, Kalaari, Matrix Partners, and Stellaris Venture Partners. The firm stated it’s going to deploy the capital in the direction of increasing its fleet and to “increase focus on achieving profitability by improving unit economics, asset utilisation and to optimise marketing growth through better consumer understanding.” With internet optimistic contribution margins, Vogo hopes to show worthwhile by the top of this 12 months.

Launched in 2016 by the alumni of IITs and IIMs – Anand Ayyadurai, Padmanabhan Balakrishnan, and Sanchit Mittal, Vogo caters to private mobility options by way of two-wheeler rides to day by day commuters. Vogo claimed to leverage Artificial Intelligence (AI), Machine studying (ML), and Internet of Things (IoT), to construct industry-first options to supply automated driving expertise to its riders. The firm supplies providers throughout three journey preferences – Vogo Now for brief durations, Vogo Keep for longer-term — a day to 2 months, and Vogo Flexi Keep that provides customization of rental plans foundation the necessity.

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“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,” stated Anand Ayyadurai, Co-founder and CEO, Vogo. “We continue to support them despite the uncertainty in funding in the sector because we believe this is the team that has the vision and execution to build a large mobility platform for the Indian customer,” stated Vaidhehi Ravindran of Lightrock. Vogo claimed to have served over 10 million rides masking about 130 million kilometres since 2016. The firm meant to develop its fleet and journey volumes considerably within the subsequent 18 months.

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