Bengaluru-based two-wheeler rental platform Vogo has raised yet another tranche of its bridge Series C funding round.
According to the Ministry of Corporate Affairs filings, the company in December 2019 and January 2020 received INR 14.36 Cr in Series C bridge funding from existing investors Kalaari Capital and Matrix Partners.
The filings showed that as per agreements signed earlier, the company offered preference shares at a nominal value of INR 100 with a premium of INR 8798 per share. Both Kalaari and Matrix have invested INR 7.18 Cr for 8074 shares each.
The fresh infusion seems to be the part of a similar round. Vogo has raised $120.6 Mn in funding prior to this round. Recently, reports surfaced that Vogo has closed Series C funding with around $35 Mn led by Lightstone Aspada along with participation from existing investors. This hasn’t been confirmed by the company yet.
Founded in 2016 by Anand Ayyadurai, Padmanabhan Balakrishnan and Sanchit Mitta, VOGO had previously raised Series A and B rounds from ride-hailing major Ola, as well as venture capital firms Kalaari Capital, Matrix Partners, and Stellaris Venture Partners.
VOGO users can access scooters from designated pick-up-and-drop points, and drop the scooter at any other point in the city. The startup said that it has leveraged its in-house hardware that is attached to the scooter, allowing customers to access the key without any human interaction and be on their way. At present, it is operational in five cities including Bengaluru, Hyderabad, Chennai, Mysore, and claims to have served over five million rides on its platform. Users are charged Rs 5 per km for up to 12 hours.
In June 2019, venture debt fund Alteria Capital invested $3.6 million in the company. It had earlier participated in VOGO’s Series A investment round.
In the financial year ending March 2019, the company has grown its expenses 94X with barely 2x growth in its revenues. The company filings show that Vogo reported a loss of INR 39.2 Cr in FY19, a 10.8x increase from INR 3.3 Cr in FY18. The losses are 5.6x the company’s total income of INR 6.98 Cr. Notably, the Y-o-Y increase in income is 2.63x, from INR 1.92 Cr in FY18.
VOGO competes with the likes of Bounce, ONN Bikes, and Rapido. Last week, Bounce confirmed that it has raised $105 million Series D funding led by Accel Partners and Facebook Co-founder Eduardo Saverin’s B Capital Group, at a valuation of $520 million.
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