- Briefing Your roundup of Asian tech and startup news that matter
Samreen Ahmad · · 1 min readSequoia-backed GoMechanic bought out in distress sale
Photo credit: Shutterstock
GoMechanic, a distressed vehicle-servicing firm based in India, has been acquired by a group led by auto parts company Lifelong Group, Reuters reported.
The group did not reveal the deal size. Tech in Asia has reached out to Stride Ventures, which led the sale, for details.
Sequoia-backed GoMechanic had let go over 70% of its workforce in January as part of its restructuring efforts.
Founded in 2016, it offers car services such as periodic checkups, air-conditioning repairs, batteries, and online insurance claims.
GoMechanic last raised US$42 million in a series C round led by Tiger Global and joined by Sequoia Capital India, among others.
See also: Why Saleswhale sold its business to this SoftBank-backed unicorn
Editing by Miguel Cordon and Arpit Nayak
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
