GoMechanic raises funding from Dr Pawan Munjal
Fresh investment to fuel rapid geographical expansion and innovation-drive.
- (1888PressRelease) June 20, 2020 - GoMechanic, India’s largest network of technology-enabled car service-centers, offering car service at the click of a button, today announced securing an investment from one of India's foremost corporate leaders Dr Pawan Munjal, Chairman, MD & CEO, Hero MotoCorp.
This investment made by Dr. Munjal in his personal capacity, comes in addition to the Series B round of institutional funding received by GoMechanic and will be used by the company to strengthen its technology stack, fuel geographical expansion, streamline spare parts procurement and amplify brand promotion.
Dr Munjal’s coming on board as an investor will further enhance the GoMechanic’s profile and will add to the rapid growth of the start-up, which has already raised funds from prominent investors such as Sequoia Capital, Chiratae Ventures, Rohit Bansal, Kunal Bahl, Orios and Dhianu Das.
Commenting on the funding, Amit Bhasin, Co-Founder - GoMechanic, said, “Having Dr Pawan Munjal as an investor, will allow us to continue our aggressive geographical expansion besides investing in technological innovation, which has always kept us ahead of the curve. We are thrilled to have the opportunity to benefit from Dr Munjal’s depth of experience & knowledge about our automotive industry as we take confident steps to organise India’s humongous car & bike service market.”
Abhishek Mohan, Vice President, Sequoia Capital India LLP, said “With Mr. Munjal coming on board as an investor for GoMechanic, it will further fuel its growth and enable it to become a market leader in India with an eye at establishing global footprints.”
Ranjith Menon, Executive-Director at Chiratae Ventures - "We welcome Mr. Munjal to the GoMechanic family. His immense experience will help guide the company to scale bigger heights in months to come"
About GoMechanic: Founded by Kushal Karwa, Amit Bhasin, Rishabh Karwa and Nitin Rana in 2016, GoMechanic is India’s largest network of technology-enabled car service centers offering a seamless car service experience at the convenience of a tap. It’s asset-light model with centralized bulk procurement of spare parts from OEMs, zero real-estate overheads and technology-driven efficiency, results in significant savings which are passed onto the customers (repair services 40% lower than charged by the authorized ones). The venture which works on the franchise owned, company operated model, has in the past 4 years, built a network of 280+ car repair workshops across Delhi-NCR, Hyderabad, Mumbai, Pune, Bengaluru, Chennai, Ahmedabad, Pune and Chandigarh. GoMechanic plans to add other verticals in order to become an end to end service provider in this space.
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