GoMechanic has announced that it has raised $42 million in Series C funding round led by Tiger Global Management. The funding round also saw partcipation from Orios Venture Partners, Sequoia Capital India and Chiratae Ventures.
Speaking on the investment, GoMechanic’s founders said “We are thrilled to welcome Tiger Global as our partner at the cusp of our next phase of growth. We will continue to invest in expanding our operations and spare parts supply chain in India while also exploring global opportunities. Our intention is to make India the innovation hub in auto aftermarket technology and services similar to how it has become a manufacturing hub for a lot of global auto players.”
“It (GoMechanic) has expanded geographically to several cities and made a deep foray into spares which is a $7 billion opportunity with large profit pools. The team has also deployed tech across the value chain exceptionally well. This additional growth capital will enable the company to grow faster and tap into newer opportunities,” added Abhishek Mohan, Principal at Sequoia India.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.