GoMechanic Raises Rs 105 Cr Led By Chiratae, Sequoia
GoMechanic has announced securing Rs. 105 crore in Series B funding in a round led by Chiratae Ventures and Sequoia Capital with Orios Venture Partners participating. It is the 3rd round of institutional funding for GoMechanic which makes them the highest funded venture in this space. The investment will be used to support expansion into 10 more cities by the end of 2020, in its EV thrust, brand promotion and in streamlining spare parts procurement.
Commenting on the funding, Kushal Karwa, Co-Founder, GoMechanic, said, “The goal we have set upon ourselves to become the largest end to end player in the vehicle maintenance and repair space in India is very ambitious. The stupendous growth we have seen, indicates that we are well on our way. The money raised will allow us to continue our aggressive geographical expansion besides investment in innovation to keep us ahead of the curve.”
Added, Amit Bhasin, Co-Founder, GoMechanic, “Our current fundraise is a testament to the efforts put in by the 500+ GoMechanic team to induce trust and transparency for not only our customers but also our workshop partners. We are thrilled to note that, with this round, we now have a set of strong investors who can support us in further rounds as we attempt to introduce more pro-customer services in the industry. The current fundraise will reinvigorate our thrust in providing scalable technology first solutions for the US$ 11 billion unorganized automotive repairs and maintenance market.”
On leading Series B round, Ranjith Menon, Executive-Director at Chiratae Ventures, "India is amongst the largest car manufacturers in the world where bulk of the cars on the road are out of warranty. We are excited to work with the GoMechanic team addressing this huge gap in a technology first manner."
GoMechanic early this year raised Rs. 35 crore in a series-A round led by Sequoia Capital and Orios Venture Partners.
