Automobile Maintenance Startup, Gomechanic, raises fund from Pawan Munjal

Team StartupcityCar servicing start-up GoMechanic has secured investment from Hero MotoCorp Chairman Pawan Munjal. The investment made by Munjal in his personal capacity comes in addition to the Series B round of institutional funding received by the company, GoMechanic said in a statement.

The latest funding would be used by the company to strengthen its technology stack, fuel geographical expansion, streamline spare parts procurement and amplify brand promotion, it added. Munjal's coming on board as an investor will further enhance the
company's profile and will add to the rapid growth of the startup, which has already raised funds from prominent investors such as Sequoia Capital, Chiratae Ventures, Rohit Bansal, Kunal Bahl, Orios and Dhianu Das.

"Having Pawan Munjal as an investor, will allow us to continue our aggressive geographical expansion besides investing in technological innovation, which has always kept us ahead of the curve," GoMechanic Co-Founder Amit Bhasin said.
The company was founded by Bhasin, Kushal Karwa, Rishabh Karwa and Nitin Rana in 2016. It operates on an asset-light model with centralised bulk procurement of spare parts from original equipment manufacturers, which it says allows it to pass on significant cost savings to end-consumers.
Some of the services it provides include car maintenance, cleaning, wheel and rim care and denting services.

Sequoia Capital India LLP Vice President Abhishek Mohan said Munjal's coming on board as an investor for GoMechanic will further fuel its growth and enable it to become a market leader in the country with an eye on establishing global footprints.