M&A

M&A

GoMechanic acquired by autocomp maker Lifelong Group

Business Line  

Gurugram-headquartered car servicing startup GoMechanic, which had admitted to financial irregularities, has been acquired by the Lifelong Group. Established in 1985, the Lifelong Group manufactures automotive components and medical devices, besides being an e-commerce player (under Servizzy). Its customers include Hero Moto Corp, General Motors, Arvin Meritor, and Stanley Black & Decker. The acquisition of GoMechanic, with its network of 800 car repair workshops across 20 cities, is expected to aid Lifelong Group's plans to expand its operations in the automotive service and repair industry. In January 2023, GoMechanic laid off 70% (1,000 employees) of its workforce as the co-founder Amit Bhasin confessed to financial misreporting.

From the Venture Intelligence PE-VC Deal Database: Between Mar-2017 and Jun-2021, GoMechanic had raised over USD 60 M from Orios VP, Chiratae Ventures, Tiger Global, Sequoia Capital India, others (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)