GoMechanic secures funding from Hero MotoCorp Chairman Pawan Munjal1 min read . Updated: 19 Jun 2020, 11:23 AM IST
The investment has been done by Pawan Munjal in his personal capacity and doesn't involve Hero MotoCorp.
Pawan Mujal, Chairman, MD & CEO of Hero MotoCorp, India's largest two-wheeler maker, has recently invested in the automobile repair and service solution start-up, GoMechanic India. The investment amount hasn't been disclosed.
What's worth noting is that the investment has been done by Munjal in his personal capacity and doesn't involve Hero MotoCorp.
(Also Read: Hero MotoCorp hikes Pleasure Plus 110 BS 6 prices)
GoMechanic announced that the latest funding comes in addition to the Series B round of institutional funding secured by the company. The latest funding will be directed to fuel the company's geographical expansion plans, strengthen its technology stack, streamline spare parts procurement and catalyze brand promotion.
Munjal joining the board as an investor will contribute to the brand's overall growth and will also enhance the company profile. GoMechanic has already raised funds from prominent investors including Sequoia Capital, Chiratae Ventures, Rohit Bansal, Kunal Bahl, Orios and Dhianu Das, GoMechanic said in a statement.
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."
Kushal Karwa, Amit Bhasin, Rishabh Karwa and Nitin Rana, founded GoMechanic in 2016. The start-up claims to offer technology-enabled auto service solutions. Through its digital platform, the start-up allows the user to schedule a repair or service digitally. It also offers pickup and drop services.
GoMechanic claims to provide up to 40% cheaper services against the authorised service centres. It has a network of 280+ car repair workshops across major Indian cities including Delhi-NCR, Hyderabad, Mumbai, Pune, Bengaluru, Chennai, Ahmedabad, Pune and Chandigarh.