On-demand mobility company Vogo Automotive has closed an investment round led by LGT Lightstone Aspada, with participation from existing investors Matrix Partners India, Kalaari Capital and Stellaris Venture Partners.
The company has raised about $20 million, regulatory filings show. The investment will be used to help Vogo expand across the country and further strengthen its IoT technology, Vogo said in a statement. The company provides on-demand scooter rentals to more than 2.5 million users across India.
It is a dock-based scooter sharing platform where consumers are asked to pick up and drop scooters from specific points. It competes with Bounce, a Sequoia and Accel backed startup that uses dockless scooters.
“There is a large opportunity to disrupt the market with the right offering and a sustainable model. Our growth has been on the back of our unique strengths of having a dock-based model… using IoT tech,” Anand Ayyadurai, CEO of Vogo, said.