Highlights

  • Lifelong Group Led Consortium to acquire GoMechanic
  • The financial details of the deal were not disclosed

  • GoMechanic also said it will lay off 70% of its workforce

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Troubled automobile startup GoMechanic acquired by Lifelong Group

The startup came into the spotlight for all wrong reasons lately after it reported false numbers to its shareholders despite being audited by big names such as KPMG and PwC

Two months after car service and repair firm, GoMechanic publicly admitted to financial misreporting, the troubled startup has found a buyer in a consortium led by Lifelong Group.

According to a report by Yourstory, Delhi-based Lifelong India Pvt Ltd is acquiring GoMechanic as the majority shareholder under its Servizzy entity.

Lifelong Group, incorporated in 1985, is a renowned manufacturer of automotive components, medical devices, and a player in the ecommerce space.

The development comes barely two months after the startup’s co-founder Amit Bhasin admitted to errors in the company’s financial reporting. The company also said it will lay off 70% of its workforce and conduct a third-party audit of its business.

Founded in 2016, the Sequoia India-backed startup has serviced and repaired more than two million cars in the country through its service centers, and says its services cost 40% less than the offerings of automakers.

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