Lifelong Group-led consortium acquires troubled automotive servicing startup GoMechanic
The Lifelong Group is an Indian firm established in 1985 and has been trying to develop its operations within the automotive service and restore business.
This acquisition and new possession construction with Lifelong Group, a producer of automotive elements, medical gadgets, and a participant within the e-commerce area, heralds a brand new section for GoMechanic enterprise, it added.
The Servizzy consortium, to be led by the Lifelong Group, emerged because the strongest bid on this course of for the acquisition of the GoMechanic Enterprise in accordance with the phrases and circumstances contained within the settlement, it famous.
Monetary particulars concerning the deal weren’t shared.
In January this yr, GoMechanic co-founder
Almost two years after it raised a mammoth USD 42 million in funding, it emerged that GoMechanic cooked its monetary books by inflating revenues.
GoMechanic navigated the latest challenges by persevering with operations throughout 800 workshops and servicing 30,000 autos in January.
“Acquisition of the GoMechanic enterprise, aligns with our strategic imaginative and prescient of synergising the Lifelong Group’s confirmed experience within the automotive business. We’re targeted on constructing upon GoMechanic’s business trip, and can proceed revolutionizing the Indian automotive service and restore business,” a Lifelong Group official spokesperson mentioned.
Lifelong Group diversified into auto part manufacturing in 1995, medical gadgets in 2005 and e-commerce in 2015.
The enterprise has grown from an annual income of USD 0.5 million in 1995 to over USD 175 million in the present day and caters to main clients within the automotive business like
SEE ALSO:
We used ChatGPT to plan worldwide journeys – right here’s a tour of the outcomes!
SC permits Centre’s plea looking for ₹5,000 cr from SEBI-Sahara fund to repay depositors