Sequoia and Softbank-backed GoMechanic, a company that provides car washing and repair services on Tuesday has made purchase inquiries with Cars24 and Spinny among others.
According to media reports the creators have issued a proposal to these two startups as part of preliminary discussions for a prospective buyout. GoMechanic has contacted the majority of the ecosystem’s participants.
The announcement of a prospective sell-off comes a week after the business let go of 70 per cent of its workers and admitted to misleading investors about its costs and sales figures. In a LinkedIn post, the company’s CEO, Amit Bhasin, admitted to tampering with financial figures without going into further detail.