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GOMECHANIC SALE
Fidelity, Accel lead $160–170 million investment round in SpinnySpinny has secured 160–170 million in a funding round led by US-based investors Fidelity and Accel Leaders Fund. The deal includes 90 milli...- GoMechanic eyes over three-fold business growth to Rs 700 crore by 2027 before launching IPOGoMechanic at present provides services through 800 garages across 125 cities and plans to scale up to 2,500 garages across 500 cities by 2...
- GoMechanic achieves operational profit in April-June; FY24 revenue hits Rs 210 croreGoMechanic, acquired by Servizzy in March 2023, achieved profitability by June 2024. Led by Himanshu Arora and Muskan Kakkar, it reported R...
- Mojocare board decides to return funds to investorsOn July 5, ET had first reported that while a few investors considered the option of a fire sale, the majority were in favour of shutting d...
- CaratLane to challenge FEMA violation notice; govt may use DigiLocker for parental consentCaratLane Trading is under the lens of the Enforcement Directorate (ED) for alleged violation of Foreign Direct Investment (FDI) regulation...
- Peak XV, Orios, Chiratae file EOW complaint over financial irregularities at GoMechanicThis development comes seven months after Gurugram-based GoMechanic’s founders admitted to financial misreporting in a LinkedIn post. Orios...
- Mojocare board to decide on shutting shop, returning money to investorsAccording to people briefed on the contents of the final forensic report, the founders have been found to have inflated revenues and sales ...
- Exclusive: Mojocare investors weigh legal action against foundersDraft note circulated among investors says founders inflated revenue; final forensic report expected in 10 days.
- Stride Ventures announces $100-million first close of new fundThe venture debt firm had also backed online vehicle service platform GoMechanic, which was offloaded recently in a distress sale. Last Aug...
- Car servicing startup GoMechanic acquired by Lifelong group led consortium in slump saleThe sale was led by GoMechanic's venture debt investor Stride Ventures. "This transaction will assist in preserving the ecosystem at large ...
- Exclusive: Behind Tata Neu’s muted first year performance; Gokul Rajaram on Indian startups, valuations & moreTata Digital's much-hyped superapp Neu has had a slow start in its first year of launch. Sources told us that the platform contributed less...
- NCLAT upholds CCI’s Rs 1,338-crore fine on Google; GoMechanic gone in slump saleThe NCLAT bench has directed Google to carry out the competition regulator’s directions and deposit the fine within 30 days. The penalty of...
- Exclusive: RoC seeks to examine GoMechanic's books after allegations of financial irregularitiesLast week, the National Company Law Tribunal (NCLT) issued a notice to Sequoia-backed beleaguered automobile after-sales service startup ov...
- ETtech Long Read: How GoMechanic founders floated new business as trouble mounted at car servicing startupWhile it isn’t unusual for new ventures to approach investors to raise capital at an early stage, March 2022-founded Morsebiz’s journey wea...
- OLX to slash workforce by 15%, fire at least 1,500 employeesThe company, owned by Prosus, started its business in India in 2009 and operates OLX and OLX Autos. Prosus is controlled by South Africa-ba...
- Amazon Air promises faster deliveries in metros; Zomato shuts 10-minute food deliveryAmazon Air, the ecommerce giant’s dedicated cargo airline, has been launched in India with the aim of offering faster deliveries for more p...
- Pricewaterhouse flagged discrepancies in GoMechanic’s FY20 audit; PhonePe raises $350 million with more to comeA senior executive at one of the ‘Big Four’ audit firms said qualifications are always a negative for a company and it means the company be...
- Financial audit, layoffs at GoMechanic after fundraising fails; Tata Tech eyes Rs 4,000 crore IPOWith the funding round falling through and many questions being raised by incoming investors, the company was left with no other option but...
- Droom to invest Rs 500 to 600 crore for inorganic opportunities, eyes 5-6 acquisitions in 2 yearsET learns the company is looking for acquisitions in the entire chain - from auto insurance to auto lending. Droom is also in the hunt for ...
- Groupe PSA joins hands with GoMechanic to bring Eurorepar product line in India"With GoMechanic as partner, we are going to offer various kinds of automotive products to all kinds of passenger vehicles in the country,"...
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