Self-ride two-wheeler rental service Vogo has raised $11.5 million funding as an extension of series C round from its current investors like Lightrock, Kalaari, Matrix Partners, and Stellaris Venture Partners. The organization stated it will deploy the capital towards expanding 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 net positive contribution margins, Vogo hopes to turn lucrative by the finish of this year.
Launched in 2016 by the alumni of IITs and IIMs – Anand Ayyadurai, Padmanabhan Balakrishnan, and Sanchit Mittal, Vogo caters to individual mobility options via two-wheeler rides to every day commuters. Vogo claimed to leverage Artificial Intelligence (AI), Machine mastering (ML), and Internet of Things (IoT), to construct market-initially options to offer you automated riding encounter to its riders. The organization gives services across 3 travel preferences – Vogo Now for quick durations, Vogo Keep for longer-term — a day to 2 months, and Vogo Flexi Keep that gives customization of rental plans basis the have to have.
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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 more than 10 million rides covering about 130 million kilometres given that 2016. The organization intended to expand its fleet and ride volumes drastically in the next 18 months.