Automotive Maintenance Startup GoMechanic Raises Series C Funding Led by Tiger Global
GoMechanic, a technology-based automotive aftermarket and parts company, said on Wednesday it had raised $ 42 million (352 crore rupees) as part of its Series C funding round.
The funding was led by new investor Tiger Global Management, GoMechanic said in a statement.
Existing investors Sequoia Capital India, Orios Venture Partners and Chiratae Ventures also participated in this round.
GoMechanic documents showed that he had already withdrawn some of these funds, TechCircle recently reported.
GoMechanic, which is operated by Targetone Innovations Pvt Ltd, will use the new capital to drive its growth in Tier II and III cities across the country. The company aims to increase its presence from 35 cities to more than 100 cities in the country.
Part of the funds will also be deployed to strengthen the technology team and launch operations in international markets. The company has a technology team of 60 people.
The fundraiser also includes the buyback of $ 5 million in employee share ownership plans (ESOPs) from early workers.
GoMechanic was founded in 2016 by Amit Bhasin and Kushal Karwa. The company 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 currently serves more than two million cars per year and targets 10 million customers by 2021.
Prior to this funding, GoMechanic raised $ 14.7 million in a Series B funding round in December 2019.
In January 2019, GoMechanic 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) from startup and innovation investment platform Venture Catalysts. In 2017, GoMechanic acquired the auto maintenance and repair startup VOW CarClinic.
Tiger Global has invested aggressively in India this year. The investor made 20 bets in 2021 in India which is equivalent to what he made in 2020.
Of these 20 bets, 10 were new investments, already more than the nine new investments made last year.
In new investments this year, Tiger Global has led or co-led funding rounds in the investment platform Next Billion Technologies Pvt Ltd or Groww, the conversational messaging platform Gupshup Technology India Pvt Ltd and the Indian social network ShareChat (Mohalla Technology Pvt Ltd), making them all unicorns in the process. These were new verticals for the company.