New Delhi, 21st August 2023: GoMechanic, a force in the automotive service industry, has overcome challenges to reaffirm its commitment to make a strong comeback. GoMechanic has emerged stronger, charting a new course after the strategic acquisition guided by Stride Ventures and led by the Lifelong Group in partnership with Servizzy. This swift strategic acquisition empowered the brand to retain its loyal customer base and continue providing employment and opportunities within the highly unorganised car repair industry in India.
Today, GoMechanic has established a strong presence with garages, one at every 5 kilometres in major metro cities such as Mumbai, Hyderabad, Chennai, Delhi, and more. The company’s commitment to a successful resurgence is evident in its impressive performance during the first quarter of fiscal year 2023-24. Between April and June 2023, GoMechanic serviced more than 68,500 cars across India. This performance marks a remarkable ~30% growth in both service revenue and Gross Merchandise Value (GMV) during the initial quarter following the acquisition in March 2023. Notably, the “Miles Membership” loyalty program, which includes GoMechanic’s Annual Maintenance Contract, has experienced an unprecedented surge in this quarter. Over 10,000 new Miles Memberships have been activated since April 2023 alone, solidifying an impressive count of more than 48,580 active memberships. The team’s efforts continue to strengthen the brand’s position as a reliable choice for car owners nationwide. The NPS of the business has gone back to the peak levels of approx 50 across app users indicating restored confidence of both customers and workshop ecosystem partners.
Notably, GoMechanic has relaunched its Car Accessories across online-offline channels on Amazon, Flipkart, and Cred Plus, and through distributors in the offline market, ensuring a seamless shopping experience for customers. The company is actively re-establishing networks with valued channel partners to expand distribution and provide easy access to a diverse range of automotive accessories. Following the acknowledgement of financial irregularities in January, the brand has faced capital-raising challenges since its last funding round. The new Servizzy team has leveraged the expertise of the Lifelong Group to put GoMechanic on a path of solid recovery. The acquisition achieved with the assistance of Avlon Business Consulting rescued the brand, preserving its market value and enabling it to retain customers based on the value and quality offered. As India’s car repair market remains highly unorganized, GoMechanic’s technology-driven approach and emphasis on quality assurance directly address the critical issues faced by the industry, offering reliable services, improved profit margins, and a larger market share for vendors.
Further, GoMechanic sets new standards in the luxury car servicing market with its premium offering, “GoMechanic LUXE” across carefully curated state-of-the-art luxury car service centres established across India with deep expertise in servicing such cars. This network of luxury car service centres has grown to 13 in the first quarter. Having already serviced nearly 1800 luxury cars, the business has opened a new frontier of high growth and addressed a severe pain point among luxury car owners outside the warranty period.
The GoMechanic’s Spares & Accessories division is making strides both nationally and internationally, representing the brand and the country at international events like Automechanica in Vietnam. GoMechanic is efficiently handling a large volume of customers, underscoring its commitment to providing top-notch service and enhancing the auto repair industry in India.
