Vogo Automotive Pvt. Ltd, a shared scooter rental startup, has raised $19 million (Rs 136 crore) in Series C funding led by LGT Lightstone Aspada.
Existing investors Matrix Partners India, Kalaari Capital and Stellaris Venture Partners also participated in the round Bengaluru-based Vogo said in a statement.
The company said it will use the funding to expand its presence across the country as well as strengthen its proprietary technological platform. Vogo co-founder and chief executive officer Anand Ayyadurai said the startup is looking to exploit the opportunity to disrupt the market for commuting in the country.
The startup provides scooter rentals to over 2.5 million users across India. Vogo, which operates through a dock-based model, also has a strategic partnership with mobility company Ola.
“We believe in the shared docked model that they [Vogo] have developed in a way that creates immense value for customers, while being responsible at a societal and personal level,” LGT Lightstone Aspada partner Vignesh Nandakumar said.
Avendus Capital, part of the diversified financial services Avendus Group, acted as the exclusive financial adviser to Vogo on this transaction.
The funding comes after reports in September suggested that Steadview Capital was in discussions to lead a fresh funding round worth $50 million in Vogo. Stellaris Venture Partners, Kalaari and Matrix were also expected to take part in the exercise, according to the reports.
Vogo, which was founded in 2016, raised Rs 25 crore ($3.6 million) from venture debt firm Alteria Capital in June. That same month, it raised funding from a clutch of prominent investors, including former Myntra chief executive officer Ananth Narayanan, serial entrepreneurs K Ganesh and Srini Anumolu and SVG Media founder Manish Vij.
Other startups in the mobility sharing and rental segment include Rapido and Bounce. In January, Bengaluru-based Bounce raised $105 million (around Rs 748 crore) in a Series D funding round led by Accel and B Capital.
In August last year, Rapido raised Rs 391 crore (around $54.6 million) in its Series B funding round led by private equity firm WestBridge Capital. Others that participated included BAce Capital and Shunwei Capital.