CarTrade is buying GoMechanic
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.
11 March, 2023•7 min
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11 March, 2023•7 min
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Editor's note: 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 anonymity. The startup was last valued at $285 million, in a June 2021 funding round. According to one of the first two people cited above, another investment firm is also part of the transaction. In a conversation with potential buyers, Bhasin had said the company was looking to sell at Rs 250 crore, says the third person. A buyer willing to cover Rs 200 crore had been found, this person says, and Bhasin was looking for someone willing to put up another Rs 50 crore or so. “Both Bhasin and [co-founder] Kushal Karwa are in the market to sell their stakes,” says this person. The exact …
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