GoMechanic Reports Operational Profit and FY24 Revenue Surge to Rs 210 Crore

GoMechanic, a car services and repair platform, announced on Tuesday that it achieved operational profit in the June 2024 quarter under new management. The company was acquired by Servizzy, a subsidiary of the Lifelong Group, in March 2023 after financial irregularities were discovered under previous management.

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Under the new leadership, GoMechanic reported a revenue of Rs 210 crore for the financial year 2023-24 and Rs 85 crore for the April-June 2024 quarter. The company proudly announced this milestone under its new founders, Himanshu Arora and Muskan Kakkar. "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," said Arora.

Revenue Growth and Expansion Plans

In the last year, GoMechanic has launched specialised programmes covering services for luxury cars, extended warranties for car owners, and services for electric vehicles. The company now plans to expand its presence from 50 cities to 1,000 cities by 2027. "Our aim is to service 1 out of 10 cars in the country by FY 2027," added Arora.

GoMechanic's revenue from services, spares, and accessories reached Rs 210 crore. Additionally, GoMechanic Accessories reported a revenue of Rs 11.2 crore in the first quarter of the financial year 2024-2025. This achievement highlights the company's growth and innovation in the auto service industry.

Operational Achievements

The company currently services over 30,000 cars monthly through its network of more than 600 workshops across over 50 cities. "This achievement underscores the hard work and dedication of our entire team," said Kakkar. The company has turned EBITDA positive in the first financial quarter of this year.

GoMechanic's new management has set ambitious goals for future growth. By expanding its footprint significantly, it aims to set new benchmarks in the auto service industry. The company's focus on balancing profitability with growth ensures continued exceptional service for its customers.

The turnaround marks a pivotal moment in GoMechanic's evolution. With plans to be present in over 1,000 cities across India by FY 2027, GoMechanic aims to become a major player in the auto service sector. The company's recent achievements reflect its commitment to growth and customer satisfaction.

The company's journey from near collapse to achieving operational profit demonstrates effective management and strategic planning. Under Arora and Kakkar's leadership, GoMechanic is poised for continued success in the coming years.