Tiger Global Invests In Gurugram-based Startup GoMechanic
GoMechanic, a Gurugram-based multi-brand car workshop and spare parts platform, has raised $35 million in its Series C funding round led by Tiger Global Management.
First reported by entrackr, GoMechanic’s board has approved the allotment of 4,722 Series C preference shares at an issue price of Rs 541,061 to raise this funding round.
Tiger Global invested $26.3 million in GoMechanic, taking its stake to 8.35% in the company. GoMechanic’s existing investors Chiratae Ventures, Orios Venture Partners and Sequoia Capital, have invested $1.7 million, $2.6 million and $4.3 million, respectively.
Started by Kushal Karwa, Amit Bhasin, Rishabh Karwa and Nitin Rana, GoMechanic claims to have created technology solutions that have disrupted the unorganised auto-servicing industry, making the solutions more systematic, reliable and cost-effective.
As per the startup, it has over 500 service partners on its platform and serviced over 2 million cars, with a presence in Delhi NCR, Mumbai, Pune, Hyderabad, Bangalore, Chennai, Jaipur, Kalyan, Chandigarh, Ahmedabad and Nigeria.
GoMechanic is competing with the likes of Pitstop, myTVS, and Crossroads. In April 2021, Gurugram-based Pitstop Pitstop raised $3.5 million in a pre-Series B round.
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