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Ride hailing app, Ola will invest $100 million in Vogo, a scooter sharing network for short haul commute. As per the arrangement, Ola will boost Vogo’s supply by investing in 1 lakh scooters on the Vogo platform, worth $100 million.
This infusion will give Vogo a strategic supply advantage without having to incur significant capital expenditure. Additionally, Vogo’s offerings will also be available for Ola’s 150 million customer base, directly from the Ola app soon. Ola has also invested in Vogo as part of the company’s Series A fund raising which saw participation from Matrix Partners India and Stellaris Venture Partners.
Read More:Honda Motorcycle & Scooter partners with VOGO
Vogo is a point-to-point dockless scooter sharing company, currently present in Bengaluru and Hyderabad, having served over 20 million kilometers on its platform. Every Vogo scooter comes with an IoT device that allows the customer to access the key via OTP; this eliminates the need for human intervention and offers consumers a seamless experience. Scooter sharing addresses the twin challenges of pollution and congestion, while also providing a credible alternative to bridge India’s micro mobility needs.
“ Ola is committed to building a robust mobility ecosystem in India, creating a deep impact on livelihoods and how citizens get around. Our investment in Vogo will help build a smart multi-modal network for first-last mile connectivity in the country. Vogo’s automated scooter-sharing platform, backed by Ola’s expertise in this space can help transform our cities. Together, we are thrilled to be at the forefront of India’s rapidly growing micro-mobility market," Bhavish Aggarwal, Co-founder & CEO, Ola said in a statement.
Also Read: Ola expands operations in UK
Anand Ayyadurai, Founder and CEO, Vogo
Ola’s deep understanding of mobility and their investment to power additional supply are extremely valuable to Vogo. As we enter into our next phase of growth, we look forward to executing our synergistic vision of the future: smart and sustainable mobility for all.” Anand Ayyadurai, Founder and CEO, Vogo said.
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