India’s leading cab-hailing service Ola (ANI Technologies Pvt. Ltd) has agreed to invest an additional USD 100 million in scooter-sharing startup Vogo as part of a new strategic alliance that effectively signals Ola’s entry into the scooter sharing space.
Separately, Vogo is also in advanced talks to raise an additional USD 10-12 million as part of a Series B round from new investors such as Kalaari Capital, and other existing investors, according to three people aware of the developments. That deal is expected to close over the coming days, they added. As part of the strategic partnership, Ola said the investment would help Vogo add at least 100,000 new scooters. The supply deal is expected to be financed with a mix of equity and debt, and Ola will become the largest shareholder in Vogo, holding a stake of at least 30%.