Spare parts and multi-brand vehicle workshop GoMechanic has brought $42 million up in Series C subsidizing round drove by Tiger Global Management, with Sequoia Capital India, Orios Venture Partners and Chiratae Ventures partaking in the round.
GoMechanic, which is controlled by Targetone Innovations Pvt Ltd, will utilize the fourth round of financing for extension in Tier II and Tier III urban communities in India and furthermore dispatch activities in worldwide business sectors. Presently, the firm offers their types of assistance in 35 urban areas, including Mumbai, Delhi-NCR, Kolkata, Bengaluru, and Chennai. The objective is to work in excess of 100 urban communities and triple the group size from 60 individuals.
“We are excited to invite Tiger Global as our accomplice at the cusp of our next period of development. We will keep on putting resources into extending our tasks and extra parts store network in India while additionally investigating worldwide freedoms. We will probably make India the development center point in auto reseller’s exchange innovation and administrations like how it’s anything but an assembling center for a great deal of worldwide auto players,” GoMechanic’s originators said in a proclamation delivered by the firm.
Up until this point, the five-year-old startup has raised near $59.8 million, as indicated by business data stage Crunchbase, with Hero MotoCorp’s CEO and MD Pawan Munjal additionally putting resources into the firm.
Gurugram-based GoMechanic was established in 2016 by Kushal Karwa, a MBA move on from Indian Institute of Management – Ahmedabad; Amit Bhasin, who worked at OYO Rooms prior to joining the vehicle support supplier; Rishabh Karwa, a structural specialist; and Delhi-based Nitin Rana.
“It (GoMechanic) has extended geologically to a few urban areas and made a profound introduction to saves which is a $7 billion freedom with enormous benefit pools. The group has likewise sent tech across the worth chain outstandingly well. This extra development capital will empower the organization to become quicker and tap into fresher freedoms,” said Abhishek Mohan, Principal, Sequoia India.
Aside from neighborhood vehicle specialist co-ops, GoMechanic rivals Blume Ventures-sponsored Pitstop, which as of late brought $3.5 million up in a Series B subsidizing round drove by Hyderabad-based speculation Venture East.
At present, GoMechanic has more than 600 vehicle fix workshops and the firm administrations in excess of 2,000,000 vehicles consistently. The startup is focusing on 10 million clients by 2021.
