a leading technology-enabled auto after-sales service and spare parts company,
has announced securing US$42Mn in Series C funding in a round led by Tiger
Global Management with the existing investors Sequoia Capital India, Orios
Venture Partners& Chiratae Ventures participating.
It is the 4th round of institutional funding
for GoMechanic. The proceeds of this funding round will be used to accelerate
GoMechanic’s growth and expansion in Tier 2 and 3 cities in India, ramping up
the technology team and launching operations in the international markets. The fund raise also includes $5 million buy
back of ESOPs of the early employees of GoMechanic.
GoMechanic will take its presence from the
current 35 cities to 100+ cities in India and triple the technology team size
from the current 60. Prior to this round, GoMechanic had raised a total of $21
mn from Sequoia Capital India, Orios Venture Partners and Chiratae Ventures.
Earlier in 2020, Pawan Munjal, Chairman, MD & CEO, Hero Motocorp invested
an undisclosed amount in the company.
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