Two wheeler shared mobility startup VOGO, has raised $11.5 million capital as an extension of Series C round, from its existing investors including Lightrock, Kalaari, Matrix Partners, and Stellaris Venture Partners. The fresh infusion of capital will be used by VOGO to expand and electrify its fleet, increase focus on achieving profitability by improving unit economics, asset utilisation, and towards optimization marketing growth through better consumer understanding.

Founded in 2016, VOGO offers two-wheeler rides to daily commuters. Founded by Anand Ayyadurai, Padmanabhan Balakrishnan, and Sanchit Mittal, the Bangalore based startup has enabled over one million riders and more than five million rides so far. A statement mentioned that VOGO is marching towards profitability by the end of this year.

Anand Ayyadurai, Co-founder and CEO, VOGO, said, “Having significantly improved our unit level profitability in our existing business this year, we intend to utilise this capital to strengthen our product line and focus on better customer experience going forward.”

Vaidhehi Ravindran, Lightrock, said, “We are delighted to see the team at VOGO demonstrate resilience and come out of a tough year stronger made possible by clarity of vision, backed by strong execution and an ethos focused on creating value. We continue to support them despite the uncertainty in funding in the sector because we believe this is the team that has the vision and execution to build a large mobility platform for the Indian customer,” said.