Start-up technology-enabled car service provider GoMechanic on Monday said it has raised Rs 105 crore in Series B funding in a round led by Chiratae Ventures and Sequoia Capital.
Orios Venture Partners was the other investor which participated in the 3rd round of institutional funding, GoMechanic said in a statement.
The investment will be used to support expansion into 10 more cities by the end of 2020 in its EV thrust, brand promotion and in streamlining spare parts procurement, it added.
Commenting on the fund raised, GoMechanic Co-Founder Kushal Karwa said, "The money raised will allow us to continue our aggressive geographical expansion besides investment in innovation to keep us ahead of the curve."
Chiratae Ventures Executive-Director Ranjith Menon said, "India is among the largest car manufacturers in the world where bulk of the cars on the road are out of warranty. We are excited to work with the GoMechanic team addressing this huge gap in a technology first manner."
Commenting on the company's investment in GoMechanic, Sequoia Capital India LLP Vice President Abhishek Mohan said, "In the 12 months since Sequoia India led the Series A, the company has scaled many times on the back of its asset light network of workshops and most importantly built true customer love. Given the massive market potential of USD 5 billion plus, we are excited to see what comes next."