Chalo-owned Vogo’s revenue surges 2.6X to Rs 45 Cr in FY22

Two-wheeler shared mobility startup Vogo was acquired by Chalo at the end of FY22 in a share swap deal.The deal wasn’t lucrative for the former but Vogo will bring substantial revenue as well as loss to Chalo’s coffers in FY23 (yet to be filed). This is evident from Vogo’s scale in FY22 which grew 2.6X to Rs 45.2 crore.

Vogo offers two-wheelers for daily commutes on rent and income from rental services was the only source of revenue for the Bengaluru-based firm in the fiscal year ending March 2022.

When it comes to expenses, employee benefit, depreciation, software, and fleet maintenance were major burns for Vogo and took the total expense to the tune of Rs 123.4 crore in FY22.

As the scale improved during FY22, Vogo's losses were down by 14% to Rs 73.4 crore. On a unit level, the company spent Rs 2.73 to earn a unit of operating revenue.

Vogo raised around $40 million in total capital from Lightrock, Kalaari, Matrix, Ola, Stellaris and Sachin Bansal among others.

According to Fintrackr, Kalaari and Matrix own 1% each in Chalo Mobility, while the stake of other aforementioned investors in the Mohit Dubey-led company is unknown.

The two-wheelers rental space hasn’t really taken off in India and this is clear from the pivot of Bounce and Zypp Electric.

Bounce, which raised around $100 million, pivoted from the bike rental business to become a full-fledged e-scooter manufacturer. Zypp Electric also changed track from consumer-facing rental biz to a gig economy one (delivery boys focused weekly and daily rental service).