Ride-hailing firm Ola-backed scooter rental platform Vogo Automotive Pvt. Ltd. on Tuesday said that it has raised an undisclosed amount in funding from former Myntra CEO Ananth Narayanan, serial entrepreneurs K Ganesh and Srini Anumolu, as well as Manish Vij, the founder of SVG Media.
The announcement comes a day after its close competitor, Bounce, revealed that it has raised $72 million in its Series C funding round led by global technology fund B Capital Group and New York-based hedge fund Falcon Edge Capital.
Bounce has raised a total of $92 million in funding till date.
For Vogo, this is the second round of investment in a month. Venture debt firm Alteria Capital invested Rs 25 crore (about $3.6 million) in Vogo earlier this month.
Commenting on the new investors, Anand Ayyadurai, CEO of VOGO, said, “They are seasoned entrepreneurs with a strong track record of creating large, valuable companies. We look forward to leveraging their expertise in our journey to building VOGO into an independent, valuable transportation company.”
Last year, the startup made headlines when it raised as much as $7 million in a funding round led by ride-hailing biggie Ola. Other investors who had participated in the round include Stellaris Venture Partners and Matrix Partners.
The latest deal came via the Stellaris Founder Network, Vogo said.
“VOGO is solving a problem that affects millions of Indians – finding an affordable, reliable commute option for everyday use. The traction and rapid growth they have seen is a real validation of their strong product-market fit and a testament to their commitment towards providing superior customer experience with a dense network of VOGO stations,” Narayanan said.
“The micro mobility space is exploding globally and is driving the growth of the personal transportation space,” added K Ganesh of GrowthStory.
Vogo, that was established in 2016 to allow customers to rent scooters for their commute through its app, claims to have completed over 3 million trips.