Auto maintenance startup GoMechanic pockets Series B fundraising check
Targetone Innovations Pvt. Ltd, which operates auto maintenance and servicing startup GoMechanic, has raised $ 14.7 million (Rs 105 crore at current exchange rates) in a Series B funding round.
The investment was led by existing investors Chiratae Ventures and Sequoia Capital. Another existing funder – Orios Venture Partners – also participated, the startup said in a statement.
Gurugram-based GoMechanic said it will use the capital to expand its operations and expand its presence to other parts of India.
“We… have a strong set of investors who can support us in further rounds as we attempt to introduce more customer service to the industry,†said GoMechanic co-founder Amit Bhasin.
Chiratae Executive Director Ranjith Menon said the investment will help GoMechanic close the gap in the automotive service market through technology-driven solutions.
“With their full-stack approach, they are the biggest player in bringing together unorganized workshops and delivering a truly seamless customer experience,†said Abhishek Mohan, vice president of Sequoia Capital India.
The company was founded in 2016 by Bhasin and Kushal Karwa. According to its website, GoMechanic provides services such as car maintenance, cleaning, wheel and rim maintenance, and denting services. The startup says it wants to organize the car maintenance market through its technological platform.
It claims to have serviced over two million cars for over one million customers and has over 150 workshops nationwide. It is present in cities such as Delhi, Mumbai, Pune, Ghaziabad, Bengaluru, Chandigarh and Chennai.
In January, the company raised $ 4.9 million (around Rs 35 crore) under its Series A funding round, led by Sequoia and Orios Venture Partners. In December 2016, he raised $ 250,000 (nearly Rs 1.68 crore) in funding for the startup and innovation investment platform Venture Catalysts.
In 2017, GoMechanic acquired the auto repair and maintenance start-up VOW CarClinic, supporting all of its customers, technology assets and service partners. At the time, Karwa said the deal would increase GoMechanic’s capabilities and strengthen its customer focus.