Bengaluru: Venture debt firm Alteria Capital has made a fresh fund infusion of ₹25 crore into two-wheeler rental startup Vogo, according to a company statement on Friday.
The debt funding will be used exclusively to scale up Vogo's fleet of two wheelers. It currently has over 12,000 vehicles across 5 cities including Bangalore, Hyderabad, Chennai, and others, up from around 5,000 vehicles as of April.
This is Alteria’s second fund infusion into Vogo. It had earlier invested ₹8 crore into Vogo in October last year, as part of Vogo’s Series A round led by Ola (ANI Technologies Pvt. Ltd), Stellaris Venture Partners and Matrix Partners.
Alteria currently has a maiden debt fund with a corpus of ₹800 crore. The fund which was started in 2017 already has secured commitments from anchor investors such as IndusInd Bank and Small Industries Development Bank of India.
Vogo offers on-demand scooter rentals on its platform targeted at daily commuters looking to complete their first and last mile rides. Vogo scooters are fitted with patented technology that allows consumers to directly access and start the scooter via its app.
It is currently operates around 500 scooter stations across five cities and claims to have completed over 3 million trips on its platform till date. Apart from Stellaris, Matrix and Ola, Vogo is also backed by investors including Kalaari Capital, and Pawan Munjal of Hero Motocorp.
“We are thrilled to double down on our partnership with Alteria. Since they first came on board, we have grown over 70X and will leverage this investment to keep growing rapidly and bring Vogo scooters to millions of customers across India. We look forward to continuing to leverage the Alteria team's wealth of experience and strong network on our growth journey." said Anand Ayyadurai, Founder & CEO of Vogo in a statement.
Vogo was founded by Ayyadurai, Padmanabhan Balakrishnan and Sanchit Mittal, who have had leadership experience across top companies including Flipkart, Lazada, Zoomcar and Housing among others.
“We have seen the rapid growth in this segment over the last 9-12 months and Vogo has consistently surpassed expectations on operating performance and driving demand. While there are many more execution aspects to tackle as they scale, we feel this team is well placed to emerge as a strong player in the urban mobility category. " said Vinod Murali, Managing Partner, Alteria Capital.
Alteria provides venture debt in the range of ₹5 crore to ₹100 crore to venture backed companies. Alteria’s current portfolio includes brands like Faasos, Portea, Fingerlix, Toppr Technologies and several other companies in the consumer Internet space.