New Delhi: Auto repair and service solutions startup GoMechanic has raised an undisclosed amount of investment from Pawan Munjal, president, CEO and CEO of Hero MotoCorp.
According to GoMechanic, this is in addition to the round of institutional Series B funding they have received. It will be used to strengthen its technology stack, fuel geographic expansion, streamline spare parts sourcing and amplify brand promotion.
The startup had previously raised Rs 105 cr ($ 14.7 million) as part of a Series B funding round, led by Chiratae Ventures, Sequoia Capital and its existing investing partner Orios Venture Partners.
The investment of Hero’s president is in his personal capacity, GoMechanic informed.
Munjal had also invested around $ 1 million in Ola Electric Mobility through his family trust in March of this year.
Munjal’s arrival as an investor will help Gurugram-based startup, which started in April 2016, improve its profile~
Amit Bhasin, Co-Founder of GoMechanic, said: “Having Dr. Pawan Munjal as an investor will allow us to continue our aggressive geographic expansion in addition to investing in technological innovation, which has always allowed us to maintain a long history. ‘advance. We are delighted to have the opportunity to benefit from Dr Munjal’s extensive experience and knowledge of our automotive industry as we take confident steps to organize the huge Indian car and bicycle service market.
Munjal’s arrival as an investor will help the Gurugram-based startup, which started in April 2016, improve its profile.
Founded by Amit Bhasin, Rishabh Karwa, Kushal Karwa and Nitin Rana, the startup first operated on seed capital galvanized by four of them. The first round of investment was withdrawn after 5 months, in 2016.
Read also: GoMechanic raises Rs 105 cr in Series B financing