Distressed Indian startup GoMechanic acquired by Lifelong Group-led consortium

A consortium led by Lifelong Group has acquired the distressed firm GoMechanic months after the Sequoia India-backed startup admitted “grave errors” in financial reporting.
The New Delhi-headquartered Lifelong Group, which serves several major players in the automotive industry including Hero and General Motors, said it won the bidding to acquire GoMechanic, whose investors scrambled for a sale earlier this year.
“This transaction will assist in preserving the ecosystem at large and also enable providing continued livelihood to the employees at GoMechanic,” said Lifelong Group, now a majority

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