India Dealbook: Venture Catalysts backs GoMechanic; Samara Capital picks stake in SMT

Tech-based automobile servicing solutions start-up GoMechanic has raised $250,000 in seed from Venture Catalysts. In a separate deal, private equity firm Samara Capital has picked up stake in Gujarat-based stent-maker Sahajanand Medical Technologies.

Venture Catalysts backs GoMechanic

Tech-based automobile servicing solutions start-up GoMechanic has raised $250,000 in seed funding round from Venture Catalysts, a seed investment and innovation platform.

With the investment, GoMechanic aims to leverage technology to assist Indian car owners find the best automobile repair and maintenance service providers in their vicinity, and also make original spare parts available for all the services booked at its partner service centres.

Founded in April 2016, GoMechanic is the brainchild of IIM-Ahmedabad alumni Amit Bhasin and Kushal Karwa, with Nitin Rana and Rishabh Karwa completing the founding team.

“The funds will primarily be utilised to build our tech infrastructure and expand the team. We also aim to have a chain of 40-plus garages in Delhi/NCR and over 400 verified service providers on board our platform in the near future for better and swifter service provision. This will allow us to achieve a strong leadership position in the region’s fragmented automobile maintenance & spare parts market,” said Bhasin.

Samara Capital picks stake in SMT

Private equity firm Samara Capital has picked up stake in Gujarat-based stent-maker Sahajanand Medical Technologies (SMT) for about $25 million (Rs 170 crore), as per The Economic Times report.

This is Samara’s second investment in the medical devices and consumables sector after the acquisition of of surgical consumables platform Lotus Surgicals in October 2013.

The investment will be used by SMT in research and development and thereby to extend its product line in cardiovascular segment, the report said. As part of the deal, Samara Capital’s managing director Gautam Gode and vice president Abhishek Kabra will join SMT’s board.

Also Read:

India Dealbook: S Chand acquires Chhaya Prakashani; WealthApp raises $445k seed fund

India Dealbook: Unicorn invests in NeuroEquilibrium; Mothers back parenting app Pinwi