Car services and repair platform GoMechanic is anticipating a significant increase in its net revenue to Rs 700 crore by 2027, marking a more than three-fold rise. The company's Co-Founder and CEO, Himanshu Arora, shared that they are planning to go for a public listing post this growth.
Currently holding a 3 per cent market share, GoMechanic aims to boost this figure to 10 per cent within the next three years. In addition, the company is looking to expand its services by entering the two-wheeler and electric vehicle segments.
"We sit at about 3 per cent of the market share right now and to be servicing every 1 car out of ten would be around 10 per cent by 2027. By 2027, we expect our brand to generate approximately Rs 700 crore in revenue. We believe that an IPO is a natural next step for GoMechanic's growth story," Arora said.
Currently operating through 800 garages spread across 125 cities, GoMechanic plans to increase this number to 2,500 garages across 500 cities by 2027. The company was acquired by Servizzy, a subsidiary of the Lifelong Group, in March 2023 due to financial irregularities under the previous management.
"It has been only about 20 months since we acquired the brand... The trajectory clearly indicates that an IPO is on our roadmap," Arora added. GoMechanic reported a revenue of Rs 210 crore in the financial year 2023-24 and Rs 85 crore in the April-June 2024 quarter.
"Our spares and accessories are also growing fast. We should be clocking about Rs 432 crore this financial year in gross merchandise value and roughly around Rs 200 crore in net revenue," Arora mentioned.
