Emailed on Wednesday, December 19,2018.
Ola, the Indian ride-hailing giant has announced on Tuesday about its strategic investment in Vogo. Company is investing approximately $100 million USD in the rental scooter startup Vogo.
The investment will be used specifically to increase the Vogo scooter fleet by 100,000 .
Vogo claimed, its riders have completed more than 10 million kms in travelling and finally, users will be able to book Vogo scooters through Ola’s cab app as well.
Scooter startup Vogo operates in Hyderabad and Bengaluru as of now. Ola’s investment in Vogo will be helpful for the scooter startup, to gain more customers.
Moreover, raised funds will be used for expansion to the other urban cities of India.
Vogo scooters are unlocked via one time password (OTP) and it includes 200 destinations in both the cities where commuters can park the scooters.
Ola also participated in series A funding round of Vogo earlier this year.
Ola, who is the main competitor of Uber in India is surely diversifying its business ventures through strategic partnership or acquisitions.
Everywhere Ola !
The ride-hailing startup Ola acquired TaxiForSure in 2015 for $200 million USD.
The online ticketing platform for public transport Ridlr has been acquired in December 2018.
Its now (Ola) expanded internationally and now available in the countries including UK, New Zealand and Australia.
Company raised $50 million in October 2018 from sailing capital which is a Hong Kong based equity firm. Ola’s current market valuation is reached at $4.3 billion.
With the population more than 1.2 billion, Indian cities are facing more transportation and traffic problems in addition to the more carbon pollution.
Ride-hailing services like Ola and Uber is a great option to commute in the urban areas but however, the reports suggest they are increasing the traffic congestion most of the time.
“Our investment in Vogo will help build a smart multi-modal network for first-last mile connectivity in the country,” Ola co-founder and Chief Executive Officer Bhavish Aggarwal said in the statement.
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