Connect with us

Startup

GoMechanic eyes over 3-fold biz growth to Rs 700 Cr by 2027 before launching IPO

Published

on


Car services and repair platform GoMechanic expects over three-fold rise in net revenue to Rs 700 crore by 2027 and thereafter go for public listing, a top official of the company said.

GoMechanic Co-Founder and CEO Himanshu Arora told PTI that the company at present has around 3% market share and aims to raise it to 10% in the next three years.

The company is also looking to diversify offerings, foraying into the two-wheeler and electric vehicle services segment.

“We sit at about 3% of the market share right now and to be servicing every 1 car out of ten would be around 10 % by 2027. By 2027, we expect our brand to generate approximately Rs 700 crore in revenue. We believe that an IPO is a natural next step for GoMechanic’s growth story,” Arora said.

The company at present provides services through 800 garages across 125 cities and plans to scale up to 2,500 garages across 500 cities by 2027.

GoMechanic was acquired by Servizzy, a subsidiary of the Lifelong Group, in March 2023 after anomalies in its financial records were found under previous management and the firm was put on sale by the investors.

“It has been only about 20 months since we acquired the brand… the trajectory clearly indicates that an IPO is on our roadmap,” Arora said.

GoMechanic posted a revenue of Rs 210 crore in the financial year 2023-24 and a revenue of Rs 85 crore in the April-June 2024 quarter.

“Our spares and accessories are also growing fast. We should be clocking about Rs 432 crore this financial year in gross merchandise value and roughly around Rs 200 crore in the net revenue,” Arora said.

“When we acquired the brand, the customer retention rate was 33% and at present it is 53%. We are operating on a franchisee model where we connect with garages and deploy our own personnel for quality control. Our target is to reach 65-66% retention rate by 2026,” GoMechanic Co-Founder and Chief Operating Officer Muskaan Kakkar said.

She said that GoMechanic has 8 lakh active users per month, which is now gradually getting close to 10 lakh.

“We are EBIDTA positive (operational profit). For me, maintaining PAT (profit after tax) positivity in our main operations is essential for our financial stability. At the same time, strategic investments in areas like two-wheelers are necessary for our growth. While these investments may affect our PAT in the short term, they are crucial for long-term success.

We will definitely be PAT-positive by 2027,” Kakkar said.

She said that GoMechanic at present has around 550 people on payroll and beyond this entire franchise network comprises about 4,000 individuals working on the ground.

“Currently, we are in the process of hiring the head of our two-wheeler business. We are looking for someone who has experience in building businesses from the ground up, not necessarily limited to the automobile sector. Our goal is to bring in individuals who have successfully launched and scaled businesses, ensuring they grow with us and contribute significantly to our expansion,” Kakkar said.





Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Startup

Prasar Bharati’s OTT platform Waves crosses 1M downloads in a month

Published

on

By


Prasar Bharti’s OTT platform ‘Waves’ crossed 1 million downloads in a month, said Minister of Information and Broadcasting, Ashwini Vaishnaw, in a post on the social media platform X.

The platform, unveiled during the 55th International Film Festival of India (IFFI) in Goa last month, is “more than a platform—it’s a celebration of India’s rich culture, vibrant stories, and technological prowess,” he added.

The platform was launched to bring new content and revive classic shows such as the Ramayana and Mahabharata. It has also hosted content by National Creator awardees and showcased films from FTII, Annapurna College, and other top institutions.

This milestone reflects India’s unbreakable bond with its cultural roots, said the minister. He called the platform not just an OTT, but a “full-fledged infotainment ecosystem,” with content in more than 12 languages, over 10 genres, with live TV streaming and 65 live channels, video-on-demand, free-to-play gaming, and online shopping via Open Network for Digital Commerce (ONDC), he added.





Source link

Continue Reading

Startup

Delhi, Dehradun top the spending trends on Instamart: Swiggy

Published

on

By


According to Swiggy‘s fourth edition of its annual ‘How India Swiggy’d’ report, the biggest spenders in 2024 on its quick commerce platform, Instamart, hailed from Delhi and Dehradun. The users spent Rs 20 lakh each on Instamart.

This year, quick commerce grew exponentially, with Indians ordering items ranging from groceries, makeup and toys to vacuum cleaners and sexual wellness products on the 10-minute delivery platform.

The Diwali season also saw orders of over Rs 45 lakh on Instamart on brooms across India to clean houses and Rs 4.6 lakh on poker chips from Delhi. Delhi also ordered Rs 60 crore worth of noodles.

The report added that a person from Ahmedabad spent about Rs 8.3 lakh on gold coins on Dhanteras.

Bengalureans topped in the pooja and party essentials categories, competing with Mumbai, and ordered 1.8 times more wine and shot glasses, especially during the Diwali season, the report found.

A Mumbai-based pet-lover spent more than Rs 15 lakh this year on pet supplies, primarily dog and cat food. Meanwhile, a Chennai user spent Rs 1,25,454 on electronics, electricals and home appliances, including gaming earphones, smartwatches, an induction cooker, a sandwich maker, and a hair straightener. A mango lover spent Rs 35,000 on the fruit in May.

The most ordered items between 4 AM and 7 AM were milk, veggies, and eggs, while ice cream, cold drinks, and chips took over from 10 PM to 4 AM. Between 8-9 PM, the country ordered the most sanitary pads, and November saw the most orders of pain relief medication/spray.

Incognito mode on Instamart was introduced earlier this year. The report noted that most ordered items with the option were between 10-11 pm and included Masala-flavoured chips, Kurkure, and flavoured condoms, the report said.

The quickest delivery was completed in 89 seconds, covering a distance of 180m, the report added, while the cheapest order came in at Rs 3 for a pencil sharpener bought at 8:15 PM in Hyderabad.

The Rakhi season saw 2,85,000 deliveries under ‘order for others,’ and 273 chocolates ordered per minute with one user from Mumbai ordering 31 rakhis in a single order.

Canada saw the most international logins, followed by the US, Kuwait and Singapore ordering milk, dosa batter, and water.





Source link

Continue Reading

Startup

Startup news and updates: Daily roundup (December 26, 2024)

Published

on

By


EatSure launches multi-restaurant group ordering

EatSure, the flagship D2C platform of Rebel Foods, has launched its multi-restaurant group ordering feature.

EatSure’s “Food court on an App” now allows users to create shared carts, and order from multiple restaurants in a single transaction.

“While group ordering features existed before, no one solved the challenge of letting users order from multiple restaurants in one order, making EatSure’s solution truly revolutionary,” the company said.

The feature is live across more than 75 cities across India including Mumbai, Delhi, Bengaluru, and Hyderabad and other prominent urban cities, it added.

“The new group ordering feature aligns with the same, wherein we let a group of friends/family members to build a joint cart by adding products from their choice of restaurants, such that everything gets delivered to them in One Order. It’s more than just ordering food; it’s about connecting people through a shared culinary journey,” said Sagar Kochhar, Co-founder and CEO, EatSure, Rebel Foods.

Zypp Electric enters into a partnership with e-Sprinto

EV-based last-mile delivery service Zypp Electric has entered into a strategic partnership with e-Sprinto, an electric two-wheeler company.

This partnership comes with an aim to deploy 30,000 e-Sprinto high-speed electric vehicles into Zypp Electric’s fleet over the next three years, the company said.

The collaboration is also set to focus on providing top-tier after-sales service and support to the pilots, ensuring the fleet’s reliability and longevity, it added.

“This collaboration allows us to enhance our fleet with 30,000 advanced e-scooters, directly addressing the urgent need for sustainable logistics solutions in India’s booming ecommerce market. Together, we are not only empowering delivery partners to improve their livelihoods but also leading the charge towards a greener future for urban mobility with good quality EVs suitable for delivery purposes and growth,” said Rashi Agarwal, Co-founder and CBO Zypp Electric.

Evocus appoints Pramod Joshi as head of retail sales and export

Evocus onboarded Pramod Joshi as Head of Retail Sales and Export. Prior to this, Joshi held a leadership role at AB InBev, where he spearheaded strategic sales initiatives and route to market.

“His remarkable experience and track record in the FMCG sector make him the perfect fit to lead our sales retail and export functions. Pramod’s deep expertise in sales strategy, market expansion, and digital transformation will be invaluable as we continue to scale Evocus globally and further establish our leadership in the wellness and beverage industry,” said Akash Vaghera, Founder and Director, Evocus.

“Evocus has a unique positioning in the wellness and beverage space, and I look forward to leading the sales efforts to expand its reach both within India and internationally,” said Joshi.

Having begun his career with Cadbury, over the years, he has held various leadership roles at Narang Group, Soulfull, and Twinings, driving market expansion and building strong partnerships with key retail accounts, the company said.

foundit makes 3 leadership appointments

Jobs and talent platform and Quess company foundit has appointed Pranay Kale as Chief Revenue and Growth Officer, Anupama Bhimrajka as Vice President of Marketing, and Tanesh Arora as Vice President of Candidate Services.

In his new role, Kale is set to lead sales across the APAC and Middle East regions, focusing on growth and operational excellence, the company said. Prior to this, he was the Vice President of key accounts at LeadSquared.

 

Bhimrajka is set to lead the marketing function at foundit as the Vice President – Marketing, driving growth across the APAC and Middle East regions. She was the Head of Consumer Marketing at Lenovo India Prior to joining foundit.

In his new role Arora will oversee Candidate Services, enhancing user experience and operational excellence, the company said. It added that prior to this appointment, he scaled foundit’s consumer business as General Manager and later drove growth at ISDC Global.

“Their combined experience and expertise will be instrumental in driving our next phase of growth and innovation. Their guidance will be invaluable to the team as we continue to connect top talent with leading organisations,” said V Suresh, Chief Executive Officer at foundit.

(This article will be updated with the latest news throughout the day.)





Source link

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.