Sequoia India-backed GoMechanic cuts 70% jobs after ‘grave errors’ in financial reporting

GoMechanic has laid off 70% of its workforce as the Sequoia India-backed startup grapples with funding crunch after the existing and potential investors found that the founders had misstated facts.
The move comes as the Gurgaon-headquartered GoMechanic, which offers auto-services such as repairing and carwashing, has been struggling to raise funds for over a year despite reaching advanced stages of deliberations with several investors.
GoMechanic was in talks early last year to raise a round of funding led by Tiger Global at over $1 billion valuation, TechCrunch reported earlier.
The talks did

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