The tech-based car maintenance provider will also have its accounts audited by a third party.
"Our passion to survive the intrinsic challenges of this sector and manage capital took the better of us and we made grave errors in judgment as we followed growth at all costs, particularly in regard to financial reporting, which we deeply regret," Bhasin wrote in a LinkedIn post.
"As entrepreneurs, we identify problems, come up with solutions, and explore every opportunity to grow those solutions to meet unmet needs. But in this instance, we got carried away," Bhasin added.
"A few days ago, GoMechanic's founders went to some of their investors and directly confessed that the numbers reported by the company are not correct," a person aware of the developments told FE.
This story is from the January 19, 2023 edition of Financial Express Mumbai.
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This story is from the January 19, 2023 edition of Financial Express Mumbai.
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