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Acquisition Helped Retain Customers, Revive Growth: GoMechanic 2.0

OutlookIndia

OutlookIndia · 2y ago

Acquisition Helped Retain Customers, Revive Growth: GoMechanic 2.0

Following its acquisition by Stride Ventures in partnership with Servizzy, GoMechanic has rebounded and strengthened its position. The acquisition aided the brand in retaining its customer base and addressing financial irregularities. In Q2 2023, the company serviced over 68,500 cars, achieving 30% growth in service revenue and GMV. GoMechanic also introduced a loyalty program and re-established its car accessories distribution network.

Related News

GoMechanic’s New Founders secure $6 Million In Funds

OutlookIndia

OutlookIndia · 2y ago

GoMechanic’s New Founders secure $6 Million In Funds

GoMechanic, the automobile car service and repair company, has raised $6 million in its latest funding round. The investment is seen as a vote of confidence in the company's business model by existing shareholders and the investment community. GoMechanic has recently faced challenges, including allegations of financial mismanagement from investors and the need for a financial write-off. However, the company has taken steps to create transparency and improve efficiency. It has expanded its business lines and experienced significant growth in revenue. Additionally, GoMechanic has entered the luxury and premium services market and has seen growth in its MILES membership program.

GoMechanic achieves operational profit in April-June; FY24 revenue hits Rs 210 crore

Economic Times

Economic Times · 1y ago

GoMechanic achieves operational profit in April-June; FY24 revenue hits Rs 210 crore

GoMechanic, a car services and repair platform, has announced its operational profit for the June 2024 quarter under new management. After being acquired by Servizzy, a subsidiary of the Lifelong Group, GoMechanic has experienced significant growth. The company posted a revenue of Rs 210 crore in the financial year 2023-24 and a revenue of Rs 85 crore in the April-June 2024 quarter. GoMechanic plans to expand its presence to 1,000 cities by 2027 and aims to service 1 out of 10 cars in the country by then.

Intel rescue will depend on Trump as investor — and pitchman - The Economic Times

Economic Times

Economic Times · 2m ago

Intel rescue will depend on Trump as investor — and pitchman - The Economic Times

The US government considers investing in Intel to boost domestic chip production, but analysts doubt funding alone can revive the struggling company. The government’s potential stake aims to increase customer acquisition for Intel's foundry business. SoftBank's investment and possible government influence might attract clients. While President Trump’s involvement could help, Intel's ability to compete with industry leaders like TSMC remains uncertain, and long-term success depends on securing major customers and technological advancement.

ETtech Q&A | Zomato to roll out new initiatives to stem slowing growth in food delivery biz: CEO Deepinder Goyal

Economic Times

Economic Times · 8m ago

ETtech Q&A | Zomato to roll out new initiatives to stem slowing growth in food delivery biz: CEO Deepinder Goyal

Zomato, recognized as the Emerging Company of the Year at The Economic Times Awards for Corporate Excellence 2024, plans new initiatives to revive its food delivery growth. CEO Deepinder Goyal highlights plans in quick commerce and exploring 10-minute deliveries in collaboration with restaurants. While maintaining disciplined execution, Zomato focuses on aligning the interests of restaurants, customers, and itself. The company emphasizes strategic investments in its various businesses like Blinkit, District, and Hyperpure to ensure sustainable growth and profitability.

Exclusive: Spinny set to acquire GoMechanic after its turnaround

Entrackr

Entrackr · 5d ago

Exclusive: Spinny set to acquire GoMechanic after its turnaround

Exclusive: Spinny set to acquire GoMechanic after its turnaround Spinny is set to acquire car servicing platform GoMechanic from the consortium that currently owns and operates it, according to two sources aware of the discussions. This will be one of the notable consolidations in the used-car and auto services segment in the past few years. This will be the Accel-backed firm’s fourth acquisition after Truebil, Scouto and Autocar-operator Haymarket’s automotive titles in India. “The terms of the deal have been finalised, and it is expected to close by the end of this month,” said one of the sources requesting anonymity. “Discussions have been underway for the past two months, and Spinny issued the term sheet in the last week of October.” Sources indicated that the deal would primarily be a cash transaction. Entrackr could not ascertain the deal size. The deal will pave Spinny’s entry into the largely unorganised vehicle service and maintenance space. “It’s a natural extension for Spinny and a way to engage and monetise customers even after selling cars through the platform,” said the source quoted above. GoMechanic is owned and operated by a consortium including Hero Group, Lifelong Group, Stride Ventures, and others. It runs a garage network across 150 cities in India, partnering with independent workshops to provide standardized car services with e-booking and transparent pricing. It’s worth noting that GoMechanic was embroiled in corporate governance issues, including financial irregularities, which led to its acquisition by a consortium led by Lifelong Group in May 2023. In November 2023, the company raised $6 million at a $20 million valuation, followed by a $9 million tranche last month from Hero Enterprises and others, according to its regulatory filings with the Registrar of Companies (RoC). After the takeover, the consortium replaced GoMechanic’s founding team, restructured operations, and rebuilt the company into a scaled car service platform. Sources added that GoMechanic has turned around its business in the past two years. “The firm currently clocks an annual recurring revenue (ARR) of around Rs 350 crore and is near break-even,” said the second source. The episode shows that sound governance and disciplined execution are crucial to stabilizing a business, proving that with the right leadership and focus, even struggling startups can recover. According to TheKredible, the Gurugram-based startup reported revenue of Rs 4,657 crore in FY25, reducing its losses by 28% compared to the previous year. In March, Spinny acquired Haymarket SAC’s automotive publications in India. The Niraj Singh-led company had earlier taken over connected car startup Scouto in February 2022 and used-car platform Truebil in August 2020. With Autocar and GoMechanic now under its fold, Spinny appears to have integrated the entire value chain from content and discovery to transaction and ownership. This move positions the company to cover the entire car ownership journey through one platform.

A23-parent Head Digital Works acquires Adda52 for Rs 491 Cr

Entrackr

Entrackr · 8m ago

A23-parent Head Digital Works acquires Adda52 for Rs 491 Cr

A23-parent Head Digital Works acquires Adda52 for Rs 491 Cr Online gaming company Head Digital Works (HDW), the parent company of gaming firm A23, has acquired Deltatech Gaming, the operator of online poker platform Adda52. HDW announced in a press release that the acquisition aims to strengthen its online poker portfolio. The transaction will take place in two phases for a total consideration of Rs 491 crore ($57.5 million). Initially, Head Digital Works will acquire a 51% stake in Deltatech Gaming following the merger. Post-merger, DeltaCorp Limited will retain a 5.7% stake in Head Digital Works. Through this acquisition, HDW aims to leverage Adda52’s expertise and technological capabilities to accelerate its growth in the online gaming market. Launched in 2011, Adda52 offers a poker experience with various game formats, tournaments, and cash games, attracting both casual and professional poker players across India. According to HDW, the acquisition will enhance the gaming experience, drive technological advancements, and cater to evolving user preferences. The company plans to expand its poker business, explore new growth avenues, and build a comprehensive and diversified skill-gaming platform for its customers. A23 claims to have over 75 million registered users across India and operates five games - rummy, fantasy, poker, carrom, and pool. A23’s net revenue stood at Rs 841 crore in FY24, compared to Rs 839 crore in FY23. Despite the flat revenue, controlled expenditures and increased other income helped A23 achieve a 24% rise in net profits to Rs 72 crore in FY24. In November last year, A23 also completed its first-ever employee stock options (ESOP) buyback program worth $3 million.

Reliance Consumer will now sell candies as it acquires Paan Pasand's parent company for Rs 27 crore

IndianStartupNews

IndianStartupNews · 1y ago

Reliance Consumer will now sell candies as it acquires Paan Pasand's parent company for Rs 27 crore

Reliance Consumer Products, a subsidiary of Reliance Retail Ventures, has acquired the confectionery business of Ravalgaon Sugar Farm for Rs 27 crore. The deal includes the trademarks, recipes, and intellectual property rights of iconic candy brand Ravalgaon. The acquisition will help Reliance expand its FMCG portfolio and diversify its consumer offerings. Ravalgaon Sugar Farm will retain its other assets while focusing on its remaining operations. This acquisition is a part of Reliance's aggressive growth strategy in the FMCG sector.

Ecomm orders shoot up as annual sale events open - The Economic Times

Economic Times

Economic Times · 1m ago

Ecomm orders shoot up as annual sale events open - The Economic Times

Amazon and Flipkart launched their festive sales for loyalty users, seeing over 20% growth in demand on the first day despite it being a Monday. The recent GST cuts helped boost shopper sentiment, with many customers holding off purchases earlier in anticipation of lower prices, leading to strong initial traction.

Infosys promoted in-house talent to top jobs after high-level exodus: Nomura

Livemint

Livemint · 1y ago

Infosys promoted in-house talent to top jobs after high-level exodus: Nomura

Infosys recently filled all the vacant roles due to senior leadership departures with internal candidates, according to a research note by Nomura Holdings. The company cited a deep bench of senior leadership and highlighted that over 50% of its senior vice-presidents and executive vice-presidents have been with the firm for two decades or more. Infosys stated that promoting internally helped it retain clients and strengthen relationships. The company expects revenue growth of 1.5-2% for FY24. Infosys has experienced senior management churn in recent years, with many executives leaving the company.

Advent, Multiples PE invest $230 mn in microlender Svatantra

VCCircle

VCCircle · 1y ago

Advent, Multiples PE invest $230 mn in microlender Svatantra

Advent International and Multiples PE have announced a joint investment of $230m in Indian microfinance company Svatantra Microfin. The deal will help Svatantra expand its operations and comes seven months after the announcement of its acquisition of Chaitanya India Fin Credit. Svatantra offers small loans to rural entrepreneurs, with a focus on female borrowers. The company claims to serve over 4.2 million customers across 20 states and manages an asset under management of around $1.8bn. The investment is subject to regulatory approval. Ananya Birla will retain a majority stake in the company.

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