Vogo, the two-wheeler rental start-up, has got a second fund infusion of Rs 25 crore from Alteria Capital. The debt funding by Alteria Capital will be used for enhancing Vogo's two-wheeler fleet capacity and security.
The start-up offers rental services for daily commuters. It uses an easy interface and has multiple pick-up points to hire the scooters.
The rental start-up has vehicles servicing in metro cities like Bengaluru, Hyderabad, and Chennai. The start-up has improved its service from 5000 vehicles to 12000 vehicles with the help of funds from Alteria. It operates with an extensive spread of 500 scooter stations across five metro cities in the country.
Alteria has been investing in the start-up since 2018. Its investment includes an eight crore funding in October 2018 as part of Vogo's Series A round led by Ola, Stellaris Venture Partners, and Matrix Partners.
Anand Ayyadurai, the founder and CEO, said that he was thrilled to double down their partnership with Alteria, Mint reported. He added that Alteria has been helping them grow at a faster pace and they will use the advantage of the investment to bring Vogo scooters million more customers across India. "We look forward to continuing to leverage the Alteria team's wealth of experience and strong network on our growth journey," Ayyadurai told Mint.
Alteria Capital, on the other hand, is happy with the progress the startup has shown within a year. It claimed that Vogo has always produced better results than expected on operating performance and driving demand. Vinod Murali, Managing Partner of Alteria Capital said, "We feel the company is well placed to emerge as a strong player in the urban mobility category."
Some facts about Alteria Capital
- Alteria is India's largest venture debt fund focused on innovative startups backed by strong VC sponsors.
- It provides debt funding in the range of Rs 5 crore to Rs 100 crore to venture-backed companies.
- Brands like Faasos, Portea, Fingerlix, Toppr Technologies and several other companies in the consumer internet space are dependent on its investment.
- It currently has a maiden debt fund aggregation of Rs 800 crore.