Connect with us

Hi, what are you looking for?

TRANSPORTATION

Longevity Group-led consortium buys distressed Indian company GoMechanic.

Photo: GoMechanic

After admitting “severe mistakes” in financial reporting, Longevity Group purchased GoMechanic.

The New Delhi-based Lifelong Group, which services Hero and General Motors, won the bidding to purchase GoMechanic, whose investors pushed for a sale earlier this year.

“This deal will assist in protecting the ecosystem at large and also permit giving continuing livelihood to the staff at GoMechanic,” said Lifelong Group, now a majority investor in GoMechanic.

When GoMechanic founders lied, exaggerated sales statistics, kept investors in the dark, and tried to acquire more capital under pretenses, the purchase ended a humiliating chapter in the Indian startup ecosystem.

Longevity Group says GoMechanic repaired 30,000 automobiles in January at 800 facilities.

Last year, Tiger Global, SoftBank, and Malaysia’s Khazanah considered investing in GoMechanic but opted against it for various reasons. TechCrunch stated that a review commissioned by GoMechanic’s funders found that many of its garages were fake.

GoMechanic slashed 70% of its staff to save costs without additional investment. The seven-year-old business raised $60 million and sought a $1.2 billion value last year. In recent weeks I reduced the startup’s value to $30 million.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

The future of technological innovation is here. Be the first to discover the latest advancements, insights, and reviews. Join us in shaping the future.
SUBSCRIBE

You May Also Like

Innovation

Overview Changing the decor in your property shouldn’t be a hard or high-priced challenge. Simple do-it-yourself initiatives can revitalize your residing place with a...

Electronics

Presenting the Samsung 65” Class OLED S95C TV—the height of current fashion and stunning visual readability. With a mean rating of 4.1 stars based...

News

More than 40 measure are included in Ofcom’s plan to protect youngsters from content that offers with eating problems, self-damage, suicide, and pornography. Concerns...

Automotive Industry

Overview One of the biggest improvements in contemporary transportation is using synthetic intelligence (AI) into driverless vehicles. AI drives the development of self-driving cars,...

SUBSCRIBE

The future of technological innovation is here. Be the first to discover the latest advancements, insights, and reviews. Join us in shaping the future.