With the government easing restrictions on logistics and mobility in the third phase of the nation-wide lockdown, investors have begun to pump funds in startups operating in this space. The latest to get fresh money are two Bengaluru-based ventures — two-wheeler rental platform Vogo and tech-enabled logistics marketplace Diptab Ventures Pvt. Ltd, which runs under the brand name LetsTransport.
Vogo Raising INR 2 Cr
In the ongoing Series C funding round, Vogo raised an additional INR 2 Cr from Exponentially I Mobility LLP. According to the ministry of corporate affairs (MCA) filings accessed by Inc42, Vogo is issuing 1,407 preference shares to Exponentially I Mobility LLP at a price share of INR 14,119 with a nominal price of INR 100.
Vogo had announced the closure of Series C round of funding in February 2020. However, the startup has continued to top up with fresh investments. Prior to this, Vogo had raised INR 3 Cr last month as well.
Besides Exponentially I Mobility LLP, Financial Investments SPC, Matrix Partners, Kalaari Capital, Stellaris Venture Partners, Ola, and Pawan Munjal family are also some of the notable investors in Vogo.
Founded in 2016 by Anand Ayyadurai, Padmanabhan Balakrishnan and Sanchit Mittal, the startup offers commuters round-the-clock scooter rental services. Vogo is operational in Bengaluru, Hyderabad, Manipal and Mysuru.
In the last two months, Vogo’s operations were disrupted due to the lockdown. However, things may change as many cities are now opening and the fresh funding is likely to help the startup is making a strong recovery.
Innoven Capital Investing In LetsTransport’s Series B Round
Meanwhile, Innoven Capital India Private Limited is investing around INR 1.43 Cr in LetsTransport. According to MCA filings, LetsTransport is issuing 581 preference shares to Innoven Capital at a price of INR 24,622 per share.
Prior to this funding, LetsTransport raised $14.2 Mn (INR 100 Cr) in Series B funding from Bertelsmann India Investments, Fosun International and other investors in December 2018.
Founded in January 2015 by Pushkar Singh, Sudarshan Ravi and Ankit Parasher, LetsTransport facilitates inter-city aggregation of mini trucks and large vehicles across industry sectors such as retail, FMCG and ecommerce across B2B and B2C segments. The startup provides intra-city logistics solutions for everyday errands like shifting houses, buying furniture, electronics among others.
During the lockdown, LetsTransport worked to deliver essential items like groceries. But going forward, the startup might be soon delivering non-essential items as well and the funding will help the startup to bounce back quickly.