Chalo Mobility Services has bought two-wheeler shared-mobility startup Vogo. The deal did not involve any cash payment.
Chalo Mobility Services, which operates a mobile app that allows users to track buses between cities and book tickets online, announced on Monday that it had acquired Vogo, a two-wheeler shared-mobility business, in a consolidation move.
The acquisition plan was announced on November 13, 2021.
According to a source familiar with the situation, it was a stock transaction with no cash consideration.
Chalo stated that Vogo will complement Chalo’s bus technology offerings by providing first- and last-mile trips at major bus stations and other public locations. “This would enable lakhs of bus users to quickly get to and from bus stops, and will further improve bus ridership as taking a bus becomes more comfortable,” Chalo said in a statement.
As a result of this acquisition, Vogo is transitioning to electric cars across its fleet and will extend beyond two-wheelers to provide different types of EVs to meet market demand, according to the business.
Vogo, which is backed by investors such as Matrix Partners, Stellaris Venture Partners, and Ola, will keep the same brand identity.
The company’s founders, Anand Ayyadurai and Padmanabhan Balakrishnan, as well as the rest of the staff, will relocate to Chalo.
According to Tracxn data, Vogo has raised $180 million thus far.
Ayyadurai will take on a new leadership role at the Chalo group, with Balakrishnan, who was previously Vogo’s chief operating officer, serving as CEO.
According to Chalo, Abhimanyu Goyal, who was vice president of engineering, will now be named chief technology officer, while Sharath Parameswaran, vice president of operations and growth, will be named chief business officer of Vogo.
Chalo has 37 locations in 13 Indian states, including Maharashtra, Delhi, Karnataka, Kerala, Madhya Pradesh, Tamil Nadu, Uttar Pradesh, Bihar, and Assam.