Car service and repair platform GoMechanic aims to triple its net revenue to Rs 700 crore by 2027. After this the company intends to launch Initial Public Offering (IPO). Company’s co-founder and CEO Himanshu Arora gave this information.
Emphasis on increasing market share
CEO Himanshu Arora said:
“Our current market share is approx. 3% which we will achieve in the next three years 10% Want to increase till. We expect GoMechanic’s revenue by 2027 Rs 700 crore Will reach to. “This is the natural next step in our brand’s growth story, which includes the IPO launch.”
Currently, the company is in 125 cities. 800 garage Is providing its services through. it by 2027 2500 garages in 500 cities There are plans to expand to.
financial performance
GoMechanic’s financial performance continues to improve:
- FY 2023-24: Company’s total revenue Rs 210 crore Remained.
- First quarter of the current financial year: the company has Rs 85 crore Earned revenue of Rs.
The company aims to grow this revenue rapidly in the coming years by expanding its services and entering new categories.
expansion into new areas
GoMechanic is not only for four-wheelers but Two-Wheeler and Electric Vehicle (EV) It is also planning to expand its services in the sector. This move will make the company’s offerings more diversified and help attract new customers.
GoMechanic’s acquisition and new management’s vision
In March 2023, GoMechanic became a subsidiary of Lifelong Group. Services Was acquired by.
- Investors had decided to sell the company due to financial missteps under the former management.
- Under the new management, special focus is being given to the growth and transparency of the company.
Strategy for the next three years
Key points in GoMechanic’s strategy:
- 2500 garages in 500 cities:
The company aims to extend its services to small and big cities.
- Entry into new categories:
Plan to increase its presence in two-wheeler and EV sector.
- Increase in market share:
Target to increase current 3% stake to 10% by 2027.
GoMechanic’s growth story and importance of IPO
This growth story of GoMechanic is preparing it for IPO launch. The company says the IPO will be a natural step after looking to grow revenues, strengthen market share and diversify its services over the next three years.
