Two-wheeler rental startup Vogo Automotive is set to raise Rs 40-45 crore from cab hailing platform Ola and venture capital firms Stellaris Ventures Partners and Matrix Partners, as per media reports. The round will be reportedly led by Ola.
Vogo is a three-year-old company, currently operating in Bangalore, Manipal, Hyderabad and Mysore. It allows users to take vehicles from various points across the city and return them to another such designated point. It had earlier raised an undisclosed amount of funding in round led by Murugappa Group in September 2017.
We have reached out to Ola and the story will be updated as the company responds to our queries.
Ola’s expansion blitz
Just this month, Ola acquired Mumbai-based public transport ticketing and commuting service Ridlr in an all-stock deal. Ridlr, which was founded in 2012 has been able to work with BEST, and Mumbai and Delhi Metro services to allow ticketing and other conveniences such as real-time tracking. An Ola employee had then hinted that the company eventually wants its riders to use not only cabs but buses and trains as well. This reported investment seems to further the goal of expanding to other segments under transportation.
These come after Ola raised US $1.1 billion in a round led by Tencent Holdings Limited and existing investor SoftBank in October 2017. Since then, Ola has also forayed into the Australian market, and is now operating in three cities there. It may also expand to other countries such as Sri Lanka and Bangladesh and has teams in Dhaka and Colombo.
In December 2017, Ola acquired food delivery app Foodpanda from its Germany-based parent Delivery Hero Group. In its second attempt at food delivery after OlaCafe shutdown, Ola plans to invest $200 million into the Foodpanda India business.
In the same month, the platform began testing a bicycle sharing service called Ola Pedal in IIT Kanpur, which it said it would expand.