India's Ola to Invest $100 Million in a Scooter Sharing Startup
Ola is investing $100 million in scooter startup Vogo as part of a deal that will let its users access the two-wheeled devices.
(Bloomberg) -- Ola, India’s dominant ride-hailing startup, is investing $100 million in scooter startup Vogo as part of a deal that will let its users access the two-wheeled devices.
The financing, which will be used by Vogo to add 100,000 scooters, is part of a fundraising round that also included Matrix Partners India and Stellaris Venture Partners. “This infusion will give Vogo a strategic supply advantage without having to incur significant capital expenditure,” Ola and Vogo said in a statement Tuesday.
Vogo operates dockless scooter sharing services in Bengaluru and Hyderabad. Ola is one of India’s biggest ride-sharing providers, with more than a million drivers.
To contact the reporter on this story: Saritha Rai in Bangalore at srai33@bloomberg.net
To contact the editors responsible for this story: Robert Fenner at rfenner@bloomberg.net, Reed Stevenson, Peter Elstrom
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