Tiger International is in talks to steer a brand new financing spherical in GoMechanic, an India startup that operates a community of technology-enabled car service centres, two sources aware of the matter mentioned.
The proposed talks for the Gurugram-headquartered Collection D funding values the startup at $1.2 billion, up from $325 million in Collection C that it disclosed in June final yr, sources mentioned, requesting anonymity because the deliberations are ongoing and personal.
The scale of the proposed spherical is between $50 million to $80 million, they mentioned. The phrases are but to be finalized to allow them to change, the sources cautioned.
Tiger International and GoMechanic declined to remark.
Six-year-old GoMechanic, which counts Tiger International and Sequoia Capital India amongst its current traders, is constructing an “auto after-market ecosystem.” GoMechanic prospects use the startup’s eponymous app to order servicing for his or her automobiles from their doorsteps.
The startup has constructed a community of over 900 workshops in over 60 cities in India, Europe, UK, and the MENA area. It has serviced over 800,000 automobiles, in line with an replace it shared with its traders final month.
As of December final yr, the startup’s annual product sales stood at over $166 million and its annual internet income had exceeded $50 million, GoMechanic shared within the presentation to traders, reviewed by TechCrunch.
Tiger International has additionally backed Spinny, one other Gurugram-based startup, which facilitates the acquisition and sale of used automobiles.