GoMechanic Raises Rs 50 Crore from New Investor

New Delhi, Nov 8 (PTI) Car services and repair platform GoMechanic on Wednesday said it has raised USD 6 million, about Rs 50 crore, from an undisclosed investor along with contributions from existing investors.

The company was acquired by Servizzy, a subsidiary of the Lifelong Group, in March after anomalies in its financial records were found under previous management and the firm was put on sale by the investors.

"GoMechanic is pleased to announce the recent success of its latest fundraising round, securing an impressive USD 6 million in capital," the company said.

It is the first fundraise of the company after getting acquired by Servizzy.

"This achievement serves as a profound vote of confidence towards the company and in the potential of its business model from the investment community, the existing shareholders, Stride Ventures and Lifelong Group, and the startup community. This exemplifies the company's unwavering and holistic growth and progress," GoMechanic new co-founder and CEO Himanshu Arora said.

Without disclosing name of the investor, GoMechanic said that the marquee investor is a notable leader in the investment industry, has taken on a pivotal role as the lead investor along with the existing shareholders.

"We are committed to build a brand that a consumer can trust for their car repairs and services. Our aim is to serve 1 in 10 after-market cars in next 3 years," Arora said.

GoMechanic Service claims to handle an influx of 800 cars per day now.