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.
Harman Kardon has launched its Fit Speaker Series in India, a new collection of premium in-car speakers designed to enhance driving experiences with high-fidelity sound and cutting-edge technology.
Dolby Laboratories, a global leader in immersive entertainment experiences, and Mahindra & Mahindra announced the debut of Dolby Atmos in the Mahindra Thar Roxx AX7L variant.
Park+ Research Labs, India's only digital-first, data-driven survey platform, announced key findings from its latest city-focused survey.