Multi-brand vehicle workshop and extra parts stage GoMechanic has brought $35 million up in its Series C round drove by Tiger Global Management. The Gurugram-based organization was in chats two or three blue-chip financial backers, including the New York-based multifaceted investments, to score a major round.
GoMechanic’s board has supported the allotment of 4,722 Series C inclination shares at an issue cost of Rs 541,061 to raise Rs 255.5 crore or $35 million, administrative filings show.
Tiger Global initiated the financing with a $26.3 million investment. Existing financial backers Sequoia Capital, Orios Venture Partners and Chiratae Ventures have contributed $4.3 million, $2.6 million and $1.7 million separately.
The new round takes the all out investment in GoMechanic to $55 million till date. Beforehand, it had raised $20 million across two institutional rounds from Sequoia, Chiratae, Orios and people including Pawan Munjal, Kunal Bahl, Rohit Bansal and Dhianu Das.
As per Fintrackr’s evaluations, GoMechanic has been esteemed in the scope of $315-320 million post the allotment of new offers.
Established by Kushal Karwa, Amit Bhasin, Rishabh Karwa and Nitin Rana, the five-year-old organization professes to have more than 500 help accomplices on its foundation and adjusted more than 2 million vehicles.
Fintrackr has additionally decoded GoMechanic’s present shareholding structure. Sequoia has emerged as the biggest partner among financial backers in GoMechanic with a 28.33% stake followed by Orios and Chiratae with 18.03% and 10.5% stake individually. Tiger Global currently holds 8.35% stake in the organization.
GoMechanic tallies Blume Ventures-supported Pitstop, myTVS, and Crossroads among its significant competitors. Two months prior, Gurugram-based Pitstop had gathered up $3.5 million as a piece of its pre-Series B financing drove by Ventureast.
Besides backing nine out of the 14 new companies that have turned unicorn this year, Tiger Global has driven financing adjusts in ahead of schedule just as development stage new businesses including Plum, Koo and CoinSwitch Kuber. And, it is good to go to lead new adjusts in DealShare and BharatPe. Entrackr had only revealed the developments on April 13 and May 11 individually.
