Delhi, December 30th, 2019: GoMechanic, India’s largest network of technology-enabled car service centers offering car service at the convenience of a tap, today announced securing Rs. 105 crore in Series B funding in a round led by Chiratae Ventures and Sequoia Capital with Orios Venture Partners participating. It is the 3rd round of institutional funding for GoMechanic which makes them the highest funded venture in this space. The investment will be used to support expansion into 10 more cities by the end of 2020, in its EV thrust, brand promotion and in streamlining spare parts procurement.
Commenting on the funding, Kushal Karwa, Co-Founder, GoMechanic, said, “The goal we have set upon ourselves to become the largest end to end player in the vehicle maintenance and repair space in India is very ambitious. The stupendous growth we have seen, indicates that we are well on our way. The money raised will allow us to continue our aggressive geographical expansion besides investment in innovation to keep us ahead of the curve.”
Added, Amit Bhasin, Co-Founder, GoMechanic, “Our current fundraise is a testament to the efforts put in by the 500+ GoMechanic team to induce trust and transparency for not only our customers but also our workshop partners. We are thrilled to note that, with this round, we now have a set of strong investors who can support us in further rounds as we attempt to introduce more pro-customer services in the industry. The current fundraise will reinvigorate our thrust in providing scalable technology first solutions for the US$ 11 billion unorganized automotive repairs and maintenance market.”
On leading Series B round, Ranjith Menon, Executive-Director at Chiratae Ventures, “India is amongst the largest car manufacturers in the world where bulk of the cars on the road are out of warranty. We are excited to work with the GoMechanic team addressing this huge gap in a technology first manner.”
Abhishek Mohan, Vice President, Sequoia Capital India LLP, said “GoMechanic is creating an affordable, yet high quality servicing and repairs alternative for car owners in India. With their full stack approach, they are the largest player to aggregate unorganised workshops and provide a truly seamless customer experience”. He further added, “In the 12 months since Sequoia India led the Series A, the company has scaled many times on the back of its asset light network of workshops and, most importantly, built true customer love. Given the massive market potential of $5B+, we are excited to see what comes next.”
In his comments, Rehan Yar Khan, Managing Partner, Orios Venture Partners, said, “This is a true ‘garage’ start-up. We are glad to have backed GoMechanic when it was little more than a plan, and thereafter participate in its Series A and now Series B rounds. Have seen incredible pivots and out of the box thinking by Kushal and Amit, leveraging technology and existing assets. As a platform they will benefit a large majority of automobile owners, garage owners, parts suppliers, insurers across India besides generating significant employment. Welcome Chiratae ventures on board as an investor.”
GoMechanic early this year raised Rs. 35 crore in a series-A round led by Sequoia Capital and Orios Venture Partners; in 2017 close to Rs. 7 crore from Orios Venture Partners and Kunal Bahl & Rohit Bansal; in 2016, Rs. 2 crore in angel funding from Dhianu Das. GoMechanic, India’s largest network of tech-enabled multi-brand car services center that defined the much necessary MRP in the industry, ushered in transparency and easy availability of genuine spare parts is all set to introduce a new set of customer experience in car maintenance in coming years.
About GoMechanic: Founded by Kushal Karwa, Amit Bhasin, Rishabh Karwa and Nitin Rana in 2016, GoMechanic is India’s largest network of technology-enabled car service centers offering a seamless car service experience at the convenience of a tap. It’s asset-light model with centralized bulk procurement of spare parts from OEMs, zero real-estate overheads and technology-driven efficiency, results in significant savings which are passed onto the customers (repair services 40% lower than charged by the authorized ones). The venture which works on the franchise owned, company operated model, has in the past 3 years, built a network of 215 car repair workshops across Delhi-NCR, Hyderabad, Mumbai, Pune, Bengaluru & now Chandigarh, Mohali, and Panchkula. GoMechanic plans to add other verticals in order to become an end to end service provider in this space.