Anand, co-founder of Vogo
Scooter rental start-up Vogo has raised Rs 25 crore as debt from Alteria Capital, a Mumbai-based venture debt firm. Alteria Capital first invested in Vogo in August 2018.
“We are thrilled to double down on our partnership with Alteria. Since they first came on board, we have grown over 70X and will leverage this investment to keep growing rapidly and bring Vogo scooters to millions of customers across India.” said Anand Ayyadurai, Founder and Chief Executive Officer at Vogo.
Launched in 2016 by Ayyadurai, Padmanabhan Balakrishnan, and Sanchit Mittal, Vogo offers scooters on rent across five Indian cities. The venture is backed by Stellaris, Matrix Venture Partners and Kalaari Capital. In December last year, cab-hailing major Ola agreed to invest $100 million in Vogo through a mix of equity and debt, enabling Vogo to add 100,000 new scooters.
“We have seen a rapid growth in this segment over the last 9-12 months and Vogo has consistently surpassed expectations on operating performance and driving demand. While there are many more execution aspects to tackle as they scale, we feel this team is well placed to emerge as a strong player in the urban mobility category,” said Vinod Murali, Managing Partner, Alteria Capital.
Alteria Capital is an emerging venture debt fund. With a corpus of Rs 1,000 crore, it has struck deals with Faasos, Portea Medical, Raw Pressery, Dunzo, Vinculum, and Mfine, among others.