The Gurugram-based platform GoMechanic the funds will be utilised to expand to new cities and bulk up hiring at leadership positions along with expenses on brand-building.
As per the sources, GoMechanic has distributed 3246 shares at a price of INR 1,09,967 per share, amounting to INR 36.69 Cr in total.
Post transaction, the company GoMechanic’s valuation will rose to INR 316 crore, cited sources.
GoMechanic was founded by Amit Bhasin, Kushal Karwa, Nitin Rana and Rishabh Karwa in 2016. As per its LinkedIn page, GoMechanic is a tech startup that allows Indian car owners to find automobile repair and maintenance service providers in their areas.
It claims to provides original spare parts for all the services booked through its partner service centres, who procure these parts specifically for the vehicle.
The company operates in Delhi-NCR, Hyderabad, Mumbai, Pune and Bengaluru and also plans to launch its services in Indore, Kanpur and Jaipur.
The platform also claims that it offers services at a 40% discount. This is possible by reducing labour costs, bulk procurement of parts and minimizing real estate expenses.