Targetone Innovations, which owns and operates automobile servicing platform GoMechanic, has raised an undisclosed amount from the chairman of Hero MotoCorp Pawan Munjal.
The round is in addition to the Series B round of $14.7 million raised by the company in December 2019, which was led by venture capital firms Chiratae Ventures and Sequoia Capital.
The Delhi-headquartered company is backed by Orios Venture Partners and angel investors Kunal Bahl, Rohit Bansal and Dhianu Das. It raised $20.79 in equity capital ahead of the current investment, according to data sourced from VCCEdge.
GoMechanic will use the fresh capital to strengthen the technology stack, streamline spare parts procurement and amplify brand promotion, according to a statement.
“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,” Amit Bhasin, cofounder at GoMechanic in the statement, said.
Founded in 2016 by Kushal Karwa, Amit Bhasin, Rishabh Karwa and Nitin Rana, GoMechanic operates over 280 car repair workshops across Delhi-NCR (national capital region), Hyderabad, Pune, Mumbai, Bengaluru, Chennai, Ahmedabad and Chandigarh. It operates a franchisee-owned, company-operated model reducing overheads and has plans on adding other verticals to become an end-to-end service provider in this space.
GoMechanic competes with India Quotient backed FirstU which raised a seed round in November 2019.
Blume Ventures-backed doorstep car services provider Pitstop raised $2.5 million in Series A round led by TPG growth backed automobile dealership chain, Group Landmark in March.
Earlier this year, After-sales and service marketplace for cars, CarCrew was acquired by investor TVS Group, according to media reports.