Bengaluru-based automotive tech company Vogo’s revenue dwindled 43% to Rs 28 crore in the fiscal year ending March 2023. Of this, operations contributed over Rs 25 crore, a 0.6X drop as compared to the previous fiscal year’s Rs 45 crore.
The almost decade old company was lunched by Anand A, Padmanabhan Balakrishnan, and Sanchit Mittal. It is a tech-enabled personal mobility solution provider that offers convenient, affordable, and reliable scooters to daily commuters. At the end on FY22, Vogo was acquired by bus technology company Chalo in a share swap deal.
The platform has raised over Rs 1220 crore through 15 funding rounds. Its latest round, Series C, scooped in over Rs 80 crore with the likes of Kalaari Capital, Matrix Partners, Stellaris Venture Partners, and Lightrock leading the round.
Post the infusion of the round, Lightrock become the company’s largest shareholder followed by Matrix Partners and Ola.
The company saw its expenses shrinking about 50% in FY23 as compared to FY22’s Rs 123 crore expenses it had incurred. While employee benefit costs lessened decreased 26%, it has legal and professional charges declining over 32% to Rs 2.2 crore.
Following the trend over the overall slow number in FY23, Vogo’s losses slowed 53% to Rs 34 crore. While its EBITDA margin widened to -94.24%, ROCE was an improvement to -73.37%.