Lightstone leads $19m Series C for India's Vogo

Existing investors Matrix Partners India, Kalaari Capital and Stellaris Venture Partners also contributed capital, according to a statement. Other investors in the company include Alteria Capital and Ola, India's leading ride-sharing platform.

Founded in 2016, Vogo previously received funding and assets in the form of additional scooters from Ola in a Series A round two years ago. Unlike rival start-up Bounce, Vogo does not follow a dockless rental model. Bounce, which received $105 million in Series D financing last month, allows users to rent scooters for short rides that can be activated via a smart phone and don't need to be dropped off at a fixed docking point. 

Vogo says it will use the fresh capital to expand its presence across India and invest in technological improvements. Currently, it is operational in four cities in South India. Bounce claims to operate in 35 cities. 

"We believe in the shared docked model that they have developed in a way that creates immense value for customers, while being responsible at a societal and personal level. We look forward to being part of their pan-India journey in the coming years," said Vignesh Nandakumar, a partner at LGT Lightstone Aspada. 

Apart from Vogo and Bounce, e-scooter rental providers Zypp, Fae Bikes and Yulu Motors also participate in the micro-mobility sector. 

Lightstone Aspada is part of the global impact platform associated with LGT Group, a private banking and asset management business controlled by the Princely House of Liechtenstein. Other recent investments in India include WayCool Foods, a fresh food supplier, and Kauvery Hospital. 

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• Topics
• Technology
• South Asia
• Expansion
• India
• LGT Lightstone Aspada
• Transportation