Merisis Advisors is pleased to announce that its client, Vogo Automotive Pvt. Ltd., a leading scooter rental company offering an on-demand network of automated IoT enabled scooters, has raised Series A funding from Ola, Matrix Partners, Stellaris Venture Partners, Pawan Munjal, Chairman at Hero MotoCorp Ltd., Aprameya Radhakrishna, Founder & CEO at Vokal India, Mayank Bidawatka, Co-Founder at Vokal India, and Rajesh Yabaji, Co-Founder & CEO at Blackbuck.
Founded in 2016 by Anand Ayyadurai, Padmanabhan Balakrishnan and Sanchit Mittal, Vogo is a dockless scooter sharing company. The platform lets consumers rent scooters for short one-way trips to different locations across Bengaluru and Hyderabad. The app enables users to locate, unlock, and pick-up its scooters and bikes at one point, and drop it off at a different point, without the need for a docking station. The scooters come with a lockbox which dispense keys when the customer enters an OTP, eliminating the need for any human intervention and start the ride seamlessly. The consumers are charged INR 5 per kilometre. The company plans to leverage the association with Ola to study traffic and the heat map of users to identify potential access points.
Anand Ayyadurai, Founder & CEO, Vogo commenting on Merisis’ role in the transaction said: “Merisis’ significant expertise in the Technology enabled Transportation industry, having done deals earlier for Ola and Zipgo, helped us in articulating Vogo’s strong economic model clearly. Their extensive network among the institutional investors helped cut down the time it took to get investors interested.”
About Vogo Automotive Pvt. Ltd.
Founded in 2016 by Anand Ayyadurai, Padmanabhan Balakrishnan and Sanchit Mittal, Vogo offers a cost-effective quicker alternative to existing forms of transport. Vogo users can access scooters from designated pickup and drop points across Bangalore and Hyderabad and drop the scooter at any other point in the city. Vogo leverages innovative inhouse hardware that gets attached to the scooter, allowing the customer to access the key without any human interaction and be on their way. Using the Vogo mobile app, more than 27,000 users have commuted for over 6 million kilometres. For more information, visit www.vogo.in
About Merisis Advisors
|Merisis Advisors is an investment banking advisory firm, offering independent advisory services to emerging growth and mid-market corporate clients and family offices, on mergers and acquisitions as well as fund raising activities. The firm also advises asset management companies on follow-on fund raise and exits for their portfolio companies. Merisis focuses on the technology, consumer, financial services and related sectors, having built significant domain knowledge and transaction experience. For more information, visit www.merisisadvisors.com