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Vogo raises $11.5 million from from existing investors to expand, electrify fleet

Saransh Pandey

Intern
  • February 20, 2021
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    Anand Ayyadurai, co-founder and CEO, Vogo said that they are committed to build on its strengths and roll out a profitable electric vehicle offering going forward.

Two-wheeler shared mobility startup Vogo has raised $11.5 million as an extension of its Series C round from existing investors Lightrock, Kalaari Capital, Matrix Partners, and Stellaris Venture Partners. The capital will be used to expand and electrify the fleet, to increase focus on achieving profitability by improving unit economics, asset utilization, and to optimize marketing growth, the Bengaluru-based firm said. 

Vogo aims to achieve profitability by the end of this year. Anand Ayyadurai, co-founder and CEO, Vogo said that they are committed to build on its strengths and roll out a profitable electric vehicle offering going forward. Having significantly improved its unit-level profitability in its existing business this year, the company intends to utilize this capital to strengthen its product line and focus on better customer experience going forward. 

Vogo has designed three services based on commuters’ travel preferences - Vogo NOW, Vogo KEEP which offers long term, from a day to two months and Vogo FLEXI KEEP which offers customization of rental plans basis the need. 

Two-wheeler rental startups such as Vogo and Yulu have been gearing up to introduce new variants of EV to their fleets to diversify product offerings, explore new use cases, and add revenue streams to beat the adverse impact of the pandemic on their businesses. Vogo plans to launch low-speed EV variants in the first half of 2021, in December. 

The new product play is part of the larger EV strategy adopted by mobility companies to pursue green vehicle technologies to bring down capital and operating expenditure and reduce their respective carbon footprint in a market where shared mobility continues to thrive as a business proposition. 

Vogo and another two-wheeler shared mobility firm Bounce have each set a target to have around 4,000 high-speed EVs by the 2021-end. Vaidhehi Ravindran, investor, Lightrock said that they are delighted to see the team at Vogo demonstrate resilience and come out of a tough year stronger. 

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