Avendus Capital Advises Vogo on Its Series C Fund Raise Led by Lgt Lightstone Aspada

Vogo Automotive, an on-demand personal mobility company that is revolutionizing commute in India, announced today the closing of its Series C fundraise led by LGT Lightstone Aspada, with participation from existing investors Matrix Partners India, Kalaari Capital and Stellaris Venture Partners. The investment will be used to help Vogo expand its presence pan India as well as further strengthen its proprietary IoT (Internet of Things) technology.  

Headquartered in Bengaluru, Vogo provides on-demand scooter rentals to more than 2.5 million users>across India. Vogo’s mission is driven by the lack of convenient commute options between the overburdened public transport and high-priced driver-based transport modes. Leveraging on its key strengths such as proprietary IoT technology and strategic partnerships with Ola, Vogo has grown exponentially over the last 20 months. 

Vogo follows a dock-based model where consumers are asked to pick up and drop scooters from specific points. This provides customers with predictability, helping establish user loyalty while ensuring assets are safe, well-maintained and usable for customers. Having a dock-based model also helps to keep the rebalancing cost – the cost of redistributing the vehicles to generate demand daily - very low while eliminating the losses due to theft and vandalism.

Recent multiple technology enhancements through IoT have allowed Vogo to significantly reduce its operational costs and enabled Vogo to make rapid strides on margins, with the unit economics improving by over 75% in the last 6 months.

Avendus Capital was the exclusive financial advisor to Vogo on this transaction.