Servizzy, a consortium led by auto parts maker Lifelong India Pvt. Ltd, has acquired GoMechanic in a slump sale, nearly two months after the beleaguered car servicing startup's co-founders admitted to falsifying financial performance to investors. Details of the deal were not disclosed.
A person with knowledge of the development said GoMechanic's equity investors received almost nothing in the transaction as the equity component was written off. GoMechanic counted Sequoia Capital, Tiger Global, Orios Venture Partners, Brand Capital, Chiratae Ventures and Elina Investments as its equity investors.
Sequoia, Tiger Global, Orios, and Chiratae didn't respond to queries. Brand Capital and Elina couldn't be reached for comment.
Sequoia held the largest stake among equity investors at 26.89%, followed by Orios at 17.1%, Tiger Global at 10.03%, and other investors with a total 11.2% stake. Early-stage investor Orios has already written down its investment in the company.
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