Two-wheeler rental startup, Vogo is in talks to raise equity of around $40-50 million as equity, as per sources.
The company earlier raised ₹100 crore in a Series B round from investors, including Kalaari Capital, Stellaris Venture Partners, Matrix Partners India and Pawan Munjal family trust.
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The company was founded by Ayyadurai, Padmanabhan Balakrishnan and Sanchit Mittal in 2016 and allows commuters to find bikes to travel in the city on their app. The scooters are fitted with patented technology that allows users to directly access and start the scooter via its app.
Vogo has more than 12,000 vehicles across five cities, up from around 5,000 as of April.