GoMechanic achieves operational profit in Q1FY25; FY24 revenue at Rs 210 cr
The company 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.
Car services and repair platform GoMechanic, which was on the verge of collapse about a year-and-a-half ago, on Tuesday said it achieved operational profit in the June 2024 quarter under the new management.
The company 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.
Under the new management, GoMechanic has 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.
“GoMechanic proudly announces a major milestone achieved under the guidance of its new founders Himanshu Arora and Muskan Kakkar. The company has turned EBITDA positive in the first financial quarter of this year. This significant achievement marks a pivotal moment in GoMechanic’s evolution, highlighting its growth and innovation in the auto service industry,” the company said in a statement.
The company posted a revenue of Rs 210 crore from services, spares, and accessories.
GoMechanic Accessories reported a revenue of Rs 11.2 crores in the first quarter of the financial year 2024-2025.
In the last one year, it has launched specialised programmes to cover services for luxury cars, extended warranty for car owners and service for electric vehicles.
It now has plans to expand presence 20 times from 50 cities to 1,000 cities by 2027.
“We have managed to strike a balance between profitability and growth, ensuring that we continue to provide exceptional service to our customers while expanding our footprint. Our aim is to service 1 out of 10 cars in the country by FY 2027, and by then, we plan to be present in over 1,000 cities across India,” GoMechanic Co-Founder and CEO Himanshu Arora said.
The company at present claims to service over 30,000 cars every month through its network which has expanded to over 600 workshops across more than 50 cities.
“This achievement underscores the hard work and dedication of our entire team, and we are excited about the future as we continue to set new benchmarks in the auto service industry,” GoMechanic Co-Founder and COO Muskan Kakkar said.
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First Published: Jul 16 2024 | 10:51 PM IST