GoMechanic says secures $6 mn in first capital raise after acquisition
Summary
GoMechanic says secures $6 mn in first capital raise after acquisitionAutomobile 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 didnt disclose the names of the investors. The company, however, said a new investor led the round while a few existing shareholders also participated. It didnt 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.