Car servicing startup GoMechanic Business on Wedneday has been acquired by the Lifelong Group as the majority shareholder under Servizzy.
The Lifelong Group has been looking to expand its operations in the automotive service and repair industry. This acquisition and new ownership structure with Lifelong Group heralds a new phase for GoMechanic business.
Due to the recent financial difficulties at GoMechanic, the board and shareholders with support from Stride Ventures initiated a speedy and widely publicised sale process to ensure the continuity of business. The Servizzy consortium, to be led by the Lifelong Group, emerged as the strongest bid in this process for the acquisition of the GoMechanic Business in accordance with the terms and conditions contained in the agreement.
The official spokesperson from Lifelong Group said “Acquisition of the GoMechanic business, aligns with our strategic vision of synergising the Lifelong Group’s proven expertise in the automotive industry. We are focused on building upon GoMechanic's business journey, and will continue revolutionising the Indian automotive service and repair industry.”
This transaction will assist in preserving the ecosystem at large and also enable providing continued livelihood to the employees at Gomechanic. The car servicing platform navigated the recent challenges by continuing operations across 800 workshops and servicing 30,000 vehicles in January.