Ride hailing platform Ola Tuesday said it is investing USD 100 million in Vogo, a scooter-sharing platform. Also Read - Independence Day 2020: Google Doodle celebrates India’s diverse musical legacy
“Ola will boost Vogo’s supply by investing in 100,000 scooters on the Vogo platform, worth USD 100 million. This infusion will give Vogo a strategic supply advantage without having to incur significant capital expenditure,” Ola said in a statement. Also Read - itel Vision 1 3GB RAM variant launched on Flipkart, sale on August 18
Additionally, Vogo’s offerings will also be available for Ola’s over 150 million customers, directly from the Ola app soon, it added. Also Read - Honor 9S to go on sale today on Flipkart at 12PM: Check price in India, offers
Ola has also invested in Vogo as part of the latter’s series A fundraising that saw participation from Matrix Partners India and Stellaris Venture Partners.
Vogo is a point-to-point dockless scooter-sharing company, present in Bengaluru and Hyderabad and has served over one lakh users.
“Our investment in Vogo will help build a smart multi-modal network for first-last mile connectivity in the country,” Ola co-founder and CEO Bhavish Aggarwal said.
Vogo founder and CEO Anand Ayyadurai said the company has seen rapid growth in the last 5 months, growing over 10X in scale.
“We are thrilled to have Ola join us on this journey and help turbocharge our growth by providing us access to strategic and capital efficient supply as well as access to millions of customers on its platform in the time to come,” he added.
This is published unedited from the PTI feed.