Tiger Global is in talks to lead a new financing round in GoMechanic, an India startup that operates a network of technology-enabled automobile service centres, two sources familiar with the matter said.
The proposed talks for the Gurugram-headquartered Series D funding values the startup at $1.2 billion, up from $325 million in Series C that it disclosed in June last year, sources said, requesting anonymity as the deliberations are ongoing and private.
The size of the proposed round is between $50 million to $80 million, they said. The terms are yet to be finalized so they can change, the sources cautioned.
Tiger Global and GoMechanic declined to comment.
Six-year-old GoMechanic, which counts Tiger Global and Sequoia Capital India among its existing investors, is building an “auto after-market ecosystem.” GoMechanic customers use the startup’s eponymous app to order servicing from their cars at their doorsteps.
The startup has built a network of over 900 workshops in over 60 cities in India, Europe, UK, and the MENA region. It has serviced over 800,000 cars, according to an update it shared with its investors last month.
As of December last year, the startup’s annual gross sales stood at over $166 million and its annual net revenue had exceeded $50 million, GoMechanic shared in the presentation to investors.
Tiger Global has also backed Spinny, another Gurugram-based startup, which facilitates the purchase and sale of used cars.