Orios Ventures To Invest In GoMechanic Amid Controversy
Orios Venture Partners which is the second-largest institutional stakeholder in GoMechanic has written down its investment in the startup in an internal mail to its limited partners (LP), according to media reports.
This news comes at a time when the startup is witnessing controversy and GoMechanic co-founder Amit Bhasin publicly admitted to committing 'errors in judgment' in financial reporting.
The venture capital (VC) firm Orios Venture Partner owns about a 17.14 per cent stake in the GoMechanic.
In January 2019, Orios Venture Partners first invested in GoMechanic during the latter’s Series A round worth USD 4.9 million. Later, in the startup's USD 42 million Series B funding round led by Tiger Global, the venture capital raised its stake to 17.14 per cent.
