GoMechanic Turns Profitable, Targets 1,000 Cities by 2027
By Rediff Money Desk, New Delhi Jul 16, 2024 21:19
GoMechanic, acquired by Servizzy, achieves operational profit in Q1 FY24 and reports Rs 210 crore revenue. The company plans to expand its presence to 1,000 cities by 2027.
New Delhi, Jul 16 (PTI) Car services and repair platform GoMechanic, which was on the verge of collapse about a year-and-a-half ago, on Tuesday said it achieved operational profit in the June 2024 quarter under the new management.
The company was acquired by Servizzy, a subsidiary of the Lifelong Group, in March 2023 after anomalies in its financial records were found under previous management and the firm was put on sale by the investors.
Under the new management, GoMechanic has posted a revenue of Rs 210 crore in the financial year 2023-24 and a revenue of Rs 85 crore in the April-June 2024 quarter.
"GoMechanic proudly announces a major milestone achieved under the guidance of its new founders Himanshu Arora and Muskan Kakkar. The company has turned EBITDA positive in the first financial quarter of this year. This significant achievement marks a pivotal moment in GoMechanic's evolution, highlighting its growth and innovation in the auto service industry," the company said in a statement.
The company posted a revenue of Rs 210 crore from services, spares, and accessories.
GoMechanic Accessories reported a revenue of Rs 11.2 crores in the first quarter of the financial year 2024-2025.
In the last one year, it has launched specialised programmes to cover services for luxury cars, extended warranty for car owners and service for electric vehicles.
It now has plans to expand presence 20 times from 50 cities to 1,000 cities by 2027.
"We have managed to strike a balance between profitability and growth, ensuring that we continue to provide exceptional service to our customers while expanding our footprint. Our aim is to service 1 out of 10 cars in the country by FY 2027, and by then, we plan to be present in over 1,000 cities across India," GoMechanic Co-Founder and CEO Himanshu Arora said.
The company at present claims to service over 30,000 cars every month through its network which has expanded to over 600 workshops across more than 50 cities.
"This achievement underscores the hard work and dedication of our entire team, and we are excited about the future as we continue to set new benchmarks in the auto service industry," GoMechanic Co-Founder and COO Muskan Kakkar said.
The company was acquired by Servizzy, a subsidiary of the Lifelong Group, in March 2023 after anomalies in its financial records were found under previous management and the firm was put on sale by the investors.
Under the new management, GoMechanic has posted a revenue of Rs 210 crore in the financial year 2023-24 and a revenue of Rs 85 crore in the April-June 2024 quarter.
"GoMechanic proudly announces a major milestone achieved under the guidance of its new founders Himanshu Arora and Muskan Kakkar. The company has turned EBITDA positive in the first financial quarter of this year. This significant achievement marks a pivotal moment in GoMechanic's evolution, highlighting its growth and innovation in the auto service industry," the company said in a statement.
The company posted a revenue of Rs 210 crore from services, spares, and accessories.
GoMechanic Accessories reported a revenue of Rs 11.2 crores in the first quarter of the financial year 2024-2025.
In the last one year, it has launched specialised programmes to cover services for luxury cars, extended warranty for car owners and service for electric vehicles.
It now has plans to expand presence 20 times from 50 cities to 1,000 cities by 2027.
"We have managed to strike a balance between profitability and growth, ensuring that we continue to provide exceptional service to our customers while expanding our footprint. Our aim is to service 1 out of 10 cars in the country by FY 2027, and by then, we plan to be present in over 1,000 cities across India," GoMechanic Co-Founder and CEO Himanshu Arora said.
The company at present claims to service over 30,000 cars every month through its network which has expanded to over 600 workshops across more than 50 cities.
"This achievement underscores the hard work and dedication of our entire team, and we are excited about the future as we continue to set new benchmarks in the auto service industry," GoMechanic Co-Founder and COO Muskan Kakkar said.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Srestha Finvest
- 0.79 (+ 9.72)
- 60211179
- Thinkink Picturez
- 1.85 (+ 4.52)
- 56806760
- Vodafone Idea L
- 8.12 (+ 0.50)
- 48801033
- GTL Infrastructure
- 2.32 (+ 9.95)
- 37724252
- Standard Capital
- 0.99 (+ 1.02)
- 29317005
MORE NEWS
FinMin Asks Banks to Use MuleHunterAI for Fraud...
India's Finance Ministry urges banks to utilize MuleHunterAI, an AI tool developed by...
Mobikwik IPO: Price Band, Dates & Details
Mobikwik IPO opens on Dec 11 at Rs 265-279 per share. Learn about the IPO size, key...
Sebi Regulates Association with Prohibited...
Sebi proposes new rules to regulate associations between market intermediaries and...