The American investment firm is in discussions to invest $100 million in GoMechanic, which will drive it to a likely valuation of as much as $500 million.
US-based investment fund Tiger Global has made a string of investments in Indian start-ups in a span of a few weeks, is looking to write another large cheque soon for the Gurugram based company GoMechanic, which focuses on vehicle service and repair. The American investment firm is in discussions to invest $100 million in GoMechanic, which will drive it to a likely valuation of as much as $500 million.
Founded by Amit Bhasin, Kushal Karwa, Nitin Rana, and Rishabh Karwa, GoMechanic is a network of tech-enabled car service centers. The start-up has more than 500 service partners on its platform and services over 10,000 cars in a month.
In June 2020, the start-up raised an undisclosed sum from the chairman and managing director of Hero MotoCorp Ltd, Mr. Pawan Munjal. In December 2019, it raised INR 105 crore in funding led by Sequoia Capital and Chiratae Ventures, with Orios Venture Partners also seen participating. The start-up also counts Snapdeal founders Rohit Bansal and Kunal Bahl, as well as angel investor Dhianu Das among its investors.
Tiger Global is known off late for its massive Flipkart bet and has made some massive investments in Indian start-ups in a span of just three months. It is in the process of creating almost unicorns or billion-dollar start-ups in India.
Source: Business World
