GoMechanic Secures $6M Funding to Expand Business Lines
GoMechanic, an automotive service and repair firm that was acquired by Servizzy, a subsidiary of Lifelong Group, seven months ago due to financial irregularities, has successfully raised $6 million in fresh funding. A prominent investor spearheaded the investment and saw participation from the firm's existing stakeholders, although the primary investor's identity was not disclosed in the company's announcement. Stride Ventures and Lifelong India Pvt Ltd, based in Delhi, are existing shareholders. GoMechanic intends to utilize the capital to expand its reach into new and untapped regions, which includes incorporating various models for bringing in new workshops and franchises.
At the beginning of this year, GoMechanic had acknowledged financial irregularities and had been served a notice to initiate insolvency proceedings. Two months after GoMechanic Co-founder Amit Bhasin publicly admitted to financial misreporting on LinkedIn, the company was acquired by Lifelong Group with the intention of expanding GoMechanic's operations. Seven months after the acquisition, GoMechanic has expressed its commitment to enhancing transparency and cost-effectiveness while expanding its range of services, including service, spare parts, and accessories. Additionally, it has entered the luxury and premium services market through GoMechanic LUXE.
Under GoMechanic LUXE, luxury car service centers specialize in servicing prestigious brands such as Audi, BMW, Mercedes, and Porsche, managing more than 600 luxury cars monthly, as reported by the company. GoMechanic now asserts that it handles over 800 cars daily, representing a fourfold increase in both units serviced and revenue. Lifelong India Pvt Ltd, founded in 1985 by Atul Raheja and based in Delhi, is a supplier of automotive components, plastics, and casting components with a reported turnover of $10 million. Prior to being acquired by Lifelong Group's Servizzy, GoMechanic had secured a total of $62 million in funding from investors, including Tiger Global Management, Peak XV Partners (formerly Sequoia Capital India and SEA), Orios Venture Partners, and Chiratae Ventures.
At the beginning of this year, GoMechanic had acknowledged financial irregularities and had been served a notice to initiate insolvency proceedings. Two months after GoMechanic Co-founder Amit Bhasin publicly admitted to financial misreporting on LinkedIn, the company was acquired by Lifelong Group with the intention of expanding GoMechanic's operations. Seven months after the acquisition, GoMechanic has expressed its commitment to enhancing transparency and cost-effectiveness while expanding its range of services, including service, spare parts, and accessories. Additionally, it has entered the luxury and premium services market through GoMechanic LUXE.
Under GoMechanic LUXE, luxury car service centers specialize in servicing prestigious brands such as Audi, BMW, Mercedes, and Porsche, managing more than 600 luxury cars monthly, as reported by the company. GoMechanic now asserts that it handles over 800 cars daily, representing a fourfold increase in both units serviced and revenue. Lifelong India Pvt Ltd, founded in 1985 by Atul Raheja and based in Delhi, is a supplier of automotive components, plastics, and casting components with a reported turnover of $10 million. Prior to being acquired by Lifelong Group's Servizzy, GoMechanic had secured a total of $62 million in funding from investors, including Tiger Global Management, Peak XV Partners (formerly Sequoia Capital India and SEA), Orios Venture Partners, and Chiratae Ventures.
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