GoMechanic, a technology-enabled auto after-sales service, and spare parts firm, announced today that it has raised US$42 million in Series C funding headed by Tiger Global Management and including current investors Sequoia Capital India, Orios Venture Partners, and Chiratae Ventures. This is GoMechanic’s fourth round of institutional investment. The funds raised in this round will be used to accelerate GoMechanic’s growth and expansion in Tier ⅔ cities in India, ramping up the technology team and launching operations in the international markets.
A $5 million buyback of ESOPs held by GoMechanic’s early workers is also part of the funding. GoMechanic will expand its footprint in India from 35 to 100+ cities and treble the size of its technical staff from 60 to 100. GoMechanic had previously raised $21 million from Sequoia Capital India, Orios Venture Partners, and Chiratae Ventures.
GoMechanic founders in a statement said, “We are thrilled to welcome Tiger Global as our partner at the cusp of our next phase of growth. The current fund raise is further validation of the hard work put in by the GoMechanic team over the last 5 years and further cements our position as the indisputable market leader in the auto aftermarket ecosystem. We will continue to invest in expanding our operations and spare parts supply chain in India while also exploring global opportunities. Our intention is to make India the innovation hub in auto aftermarket technology and services similar to how it has become a manufacturing hub for a lot of global auto players.”