Myntra ex-CEO Ananth Narayanan, others invest in bike renting start-up Vogo

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Updated: June 20, 2019 4:43:04 PM

The startup had previously raised over $120 million in Series A and B rounds from ride-hailing major Ola as well as venture capital firms Kalaari Capital, Matrix Partners and Stellaris Venture Partners. Earlier this month, Vogo had raised $3.6 million in debt funding from Alteria Capital.

Myntra ex CEO, Ananth Narayanan, start up Vogo, SVG Media, Jabong, Zoomcar, Matrix Partners, ola, Stellaris Venture PartnersOla and Vogo formed a strategic partnership in December last year where the former will add 1,00,000 new scooters for Vogo.

Bike renting startup Vogo has raised an undisclosed amount from former Myntra CEO Ananth Narayanan, serial entrepreneurs K Ganesh and Srini Anumolu, as well as Manish Vij, the founder of SVG Media. The deal came via the Stellaris Founder Network.

“Vogo is solving a problem that affects millions of Indians — finding an affordable, reliable commute option for everyday use. The traction and rapid growth they have seen is a real validation of their strong product-market fit and a testament to their commitment towards providing superior customer experience with a dense network of VOGO stations,” said Ananth Narayanan, ex CEO, Myntra, Jabong.

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The startup had previously raised over $120 million in Series A and B rounds from ride-hailing major Ola as well as venture capital firms Kalaari Capital, Matrix Partners and Stellaris Venture Partners. Earlier this month, Vogo had raised $3.6 million in debt funding from Alteria Capital.

Sources said that Ola is looking to emulate Vogo’s model for its own fleet of cars. Ola and Vogo formed a strategic partnership in December last year where the former will add 1,00,000 new scooters for Vogo. The announcement comes a day after one of Vogo’s direct competitors, Bounce, announced its $72 million Series C funding.

However, Vogo’s model includes a station where users have to pick up and drop the bikes while Bounce operates a dockless model. Even Zoomcar has entered this sector with its own offering of bikes. Although, all three companies have a restrictive payment option, having only PayTM as a payment option. Vogo is currently present in Bengaluru and Hyderabad.

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