Automobile car service and repair company GoMechanic, which was recently acquired by a subsidiary of the Lifelong Group after its co-founders admitted to fraud, said Wednesday it has raised $6 million (around Rs 50 crore) in a new funding round.
GoMechanic didn’t disclose the names of the investors. The company, however, said a new investor led the round while a few existing shareholders also participated. Its shareholders include Stride Ventures and Lifelong Group.
GoMechanic was acquired by Lifelong Group’s subsidiary Servizzy in March after the company’s founders admitted to falsifying figures to investors earlier this year.
After the acquisition, GoMechanic has expanded its business lines, including GoMechanic Service Business, GoMechanic Spares and GoMechanic Accessories. It claims that it has experienced a fourfold increase in revenue. It also claimed that its internal projections indicate the GoMechanic Spares and GoMechanic Accessories will double their revenues by the end of this fiscal year. It didn’t provide actual numbers.
GoMechanic Accessories offers products such as vacuum cleaners and Android car screens as well as tire inflators. These products are also available on e-commerce platforms like Amazon and Flipkart.
Moreover, GoMechanic has ventured into the luxury and premium services market with GoMechanic LUXE, wherein it runs luxury-focussed car service centres established across India. These centres specialise in servicing brands such as Audi, BMW, Mercedes, and Porsche and currently manage over 600 luxury cars per month, the company said in a release.
Prior to the acquisition, GoMechanic had raised nearly $62 million from investors like Tiger Global, Peak XV Partners (erstwhile Sequoia Capital India and Southeast Asia), Orios Venture Partners, Chiratae Ventures and Stride Ventures.
