From approaching Softbank for a Unicorn status to getting probed by EOW, GoMechanic has taught investors, founders and employees an important lesson in the value of corporate governance.

1. Jan-Mar 2022: Softbank was ready to invest at $850-900 Mn valuation, but co-founders were pushing for a $1.2 Bn valuation

2. Jan 2023: GoMechanic’s co-founder (Amit Bhasin) admitted to creating fake revenue figures in a LinkedIn post

3. Feb: PR campaign mentioning new focus on breaking even and profitability

4. March: Having raised $62 Mn, got acquired in a slump sale for $27.5 Mn

5. July: A couple of GoMechanic cofounders started talking about new ventures

Rishabh Karwa – Building for Local Storefronts around the World

Nitin Rana – Building Travel & Hospitality Product for Indian Subcontinent and World

6. Two days ago: PR campaign about growth and innovation in GoMechanic 2.0

7. Now: GoMechanic investors (Orios, Sequoia [Peak XV], Tiger Global and Chiratae) are pushing for a EOW probe in the role played by all 4 co-founders in misreporting financials and potential misappropriation of funds.


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