Gurugram-based automobile repair and service solution startup GoMechanic has received $5 Mn (INR 35.69 Cr) in Series B from its existing investor Sequoia Capital. The company had raised this $5 Mn funding from Sequoia in January 2019.
According to the ministry of corporate affairs filings, GoMechanic has alloted 3246 shares at a price of INR 1,09,967 per share, amounting to INR 36.69 Cr in total. Sequoia has infused the amount through its SCI Investment VI and Redwood Trust.
With this investment, the company’s valuation has risen to $44 Mn (INR 316 Cr). In January when GoMechanic raised $5 Mn from Sequoia, Inc42 reported that the funds will be utilised to expand to new cities and bulk up hiring at leadership positions along with expenses on brand-building.
The report also suggested that GoMechanic was in talks with Snapdeal cofounder Kunal Bahl and OYO’s Ritesh Agarwal to raise funding. Previously, the company had raised seed funding of $250K (INR 1.78 Cr) from Venture Catalysts in December 2016 and an undisclosed amount from Orios Venture Partners and angel investor Dhianu Das in August 2017.
Founded in April 2016 by Amit Bhasin, Kushal Karwa, Nitin Rana and Rishabh Karwa, GoMechanic is a tech startup that allows Indian car owners to find automobile repair and maintenance service providers in their areas.It also provides original spare parts for all the services booked through its partner service centres, who procure these parts specifically for the vehicle.
The company operates in Delhi-NCR, Hyderabad, Mumbai, Pune and Bengaluru and also plans to launch its services in Indore, Kanpur and Jaipur. The company claims that it offers services at a 40% discount. This is possible by reducing labour costs, bulk procurement of parts and minimizing real estate expenses.
Besides GoMechanic, other companies working in the car repair and servicing include Bengaluru-based Cartisan, SparesHub, Bumper, BookMyTime, CleanseCar and Mind Your Fleet, among others.
In October, CleanseCar raised $2 Mn in Pre Series A round from 10 investors including Haldiram’s Family Office, Venture Catalysts founder Apoorv Ranjan Sharma and Swiggy CFO Rahul Bothra, among others.
Also published on Medium.