VC Fund Investments
Auto spare parts startup GoMechanic raises $6-M
Gurugram-based auto spare parts startup GoMechanic, recently acquired by Servizzy (promoted by Lifelong Group), has raised USD 6 million led by an unnamed family office. The round also saw participation from existing investor Stride Ventures. GoMechanic will use the fresh capital to expand its footprint to new areas across the country. The funding will also be used to venture into new categories and launch different formats of franchisee workshops. The new fundraise comes eight months after competitor and Lifelong Group's subsidiary Servizzy acquired the startup in a fire sale in a deal pegged at INR 220 crore. Founded in 2016 by Amit Bhasin, Kushal Karwa, Nitin Rana and Rishabh Karwa, GoMechanic landed in trouble earlier this year after co-founder Bhasin publicly admitted to fudging numbers, which led to an investor-led forensic audit into the company.
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