GoMechanic, 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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