Hero MotoCorp's Pawan Munjal Invests In Sequoia-Backed GoMechanic
The investment by Munjal in the New Delhi-based car services startup has been made in his personal capacity
Automobile service and repair solutions provider GoMechanic on Tuesday announced securing an undisclosed investment from Pawan Munjal, the managing director and chief executive officer of Hero MotoCorp.
In a statement, New Delhi-based GoMechanic said the investment by Munjal was made in his personal capacity. These funds will be used by the company to strengthen its technology stack, fuel geographical expansion, streamline spare parts procurements and amplify brand promotion.
Commenting on the funding, Amit Bhasin, co-founder, GoMechanic, said, “Having Dr Pawan Munjal as an investor will allow us to continue our aggressive geographical expansion besides investing in technological innovation, which has always kept us ahead of the curve. We are thrilled to have the opportunity to benefit from Dr Munjal’s depth of experience and knowledge about our automotive industry as we take confident steps to organise India’s humongous car and bike service market.”
Munjal’s addition as an investor will further enhance the Sequoia-backed GoMechanic’s profile.
GoMechanic has already raised funds from prominent investors such as Sequoia Capital, Chiratae Ventures, Rohit Bansal, Kunal Bahl, Orios and Dhianu Das.
On the latest development, Abhishek Mohan, vice-president, Sequoia Capital India LLP, said “With Mr. Munjal coming on board as an investor for GoMechanic, it will further fuel its growth and enable it to become a market leader in India with an eye at establishing global footprints.”
On onboarding of Munjal as an investor Ranjith Menon, Executive-Director at Chiratae Ventures, said "We welcome Mr. Munjal to the GoMechanic family. His immense experience will help guide the company to scale bigger heights in months to come."
Founded in 2016 by Kushal Karwa, Bhasin, Rishabh Karwa and Nitin Rana, GoMechanic is India’s largest network of technology-enabled car service centers which promises to offer a seamless car service experience at the convenience of a tap.