The deal will come as a relief for the beleaguered car repair startup, while it will be an opportunity for the used-car company to expand into a new business segment.
Update: Despite advanced talks with CarTrade, the deal didn't go through. A consortium led by auto component maker Lifelong Group acquired GoMechanic in March this year.
Almost two months after co-founder Amit Bhasin admitted to financial misreporting, GoMechanic has found a buyer. The car repair startup is being acquired by used-car company CarTrade, according to two people familiar with the matter, who asked not to be named.
While the details of the deal are unclear, GoMechanic seems to have been valued at a little over $30 million (around Rs 245 crore), says a third person in the know, also requesting …
Shivani is a former writer at The Morning Context. She reported and wrote on the intersection of society, technology and business. Before that, she wrote for Yesterday, our daily news product.
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shivani@mailtmc.com
Delhi
Samiksha covers all things startups at The Morning Context. She joins us from The New Indian Express, where she wrote stories on the retail and food sectors. Prior to that, she had covered startups and written various business features in the Deccan Herald.
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samiksha@mailtmc.com
Bengaluru