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Adding yet another promising start-up to its impressive portfolio of tech-based ventures, Venture Catalysts, India's leading and fastest growing seed investment and innovation platform, has facilitated seed investment worth USD 250k into GoMechanic.
Founded in April 2016 India's first tech-based automobile servicing solutions start-up, GoMechanic is the brainchild of IIM-Ahmedabad alumni AmitBhasin and KushalKarwa, with Nitin Rana and Rishabh Karwa completing the founding team.
The venture aims to leverage technology to assist Indian car owners find the best automobile repair & maintenance service providers in their vicinity, and provides original spare parts for all the services booked at its partner service centers.
In addition to making spare parts available in a timely fashion through efficient procurement, the platform also offers guarantee on all spare parts provided up to three years.
"At Venture Catalysts, we are constantly on the lookout for disruptive ideas idea's that solve global problems at a local scale. GoMechanic, which leverages technology to address extant issues in the fragmented automobile maintenance and spare market, fits into our investment criteria perfectly. We have full faith in the vision and execution capabilities of the team behind GoMechanic, and believe the venture has the potential to establish itself as a market leader in the Indian autotech servicing industry," said Co-founder Venture Catalysts, Dr. Apoorv Sharma.
"We are delighted to be chosen for investment by Venture Catalysts, which has established itself as one of the most well-equipped and active angel investment networks in the country. The funds will primarily be utilized to build our tech infrastructure and expand the team. We also aim to have a chain of 40-plus garages in Delhi/NCR and over 400 verified service providers on board our platform in the near future for better and swifter service provision.
This will allow us to achieve a strong leadership position in the region's fragmented automobile maintenance and spare parts market, and provide us with a strong foundation for expansion into other geographies," said Co-founder GoMechanic, Amit Bhasin.
All car owners have to do to avail its services is logging on to the GoMechanic website or app and book the service at a price 30-50 percent lower than normal service stations. The platform has tied up with several leading service providers to ensure high-quality service delivery and supports them in customer relationship management, procurement, and workflow management. GoMechanic is targeting the country's car after-sales service and spares market, which is currently expected to be worth USD 22 billion.
"Despite its high potential, the car after-sales and spares market is highly unorganized, and is plagued by problems as such lack of transparency in pricing, spurious spare parts, and low-quality workmanship. With technology at the core of its offering, GoMechanic is aiming to disrupt the segment. We are confident that, with its unique service proposition, GoMechanic will be able to establish itself as the platform of choice for both car owners and automobile maintenance service providers," said Co-founder Venture Catalysts, Anuj Golecha.
Having facilitated investments to the tune of USD three million in 15 start-ups nationally and overseas in the past one year, Venture Catalysts has established its position as the most active angel investment network in the country. The platform enables seed funding in the region of USD 100,000 to USD 500000 million into promising early-stage and mid-stage ventures across a range of high-growth sectors such as e-commerce, fintech, artificial intelligence, a nd logistics etc, and currently has more than 2000 investors associated with it.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)