Tech-enabled car servicing startup GoMechanic has raised an undisclosed amount from Pawan Munjal, Chairman and Managing Director of Hero MotoCorp Ltd. The investment was made in personal capacity of Munjal who has backed Ather Energy, Vogo and Ola Electric in last two years.
The investment made by Munjal will be counted as an addition to the Series B round of institutional funding. The firm stated that they will be utilizing this investment to strengthen its technology stack, expand its operations in other markets, streamline spear parts procurement and amplify brand promotion.
“Munjal’s coming on board as an investor will further enhance GoMechanic’s profile and will add to the rapid growth of the startup, which has already raised funds from prominent investors such as Sequoia Capital, Chiratae Ventures, Rohit Bansal, Kunal Bahl, Orios and Dhianu Das,” the company commented.
Munjal has been an active investor in electric mobility space from past couple years and has been backing them from his personal capacity. “Having Munjal as an investor will allow us to continue our aggressive geographical expansion besides investing in technological innovation, which has always kept us ahead of the curve. We are thrilled to have the opportunity to benefit from Munjal’s depth of experience and knowledge about our automotive industry as we take confident steps to organize India’s humongous car & bike service market,” said, Amit Bhasin, co-founder, GoMechanic.
Abhishek Mohan, Sequoia Capital India LLP Vice President also added that having Munjal onboard will fuel the growth of GoMechanic and help it become a market leader in India with an eye on establishing global footprints.