amit bhasin

Troubled Indian car service and repair startup GoMechanic has been acquired by a consortium led by Lifelong Group, the auto parts firm said. It did not give any financial details of the transaction. The development comes barely two months after the startup's co-founder Amit Bhasin admitted to errors in the company's financial reporting. The company also said it will lay off 70% of its workforce and conduct a third-party audit of its business. "This transaction will assist in preserving the ecosystem at large and also…

Automobile after-sales service startup GoMechanic co-founder Amit Bhasin on Wednesday admitted to errors in financial reporting, following which a forensic audit has been ordered and a business restructuring undertaken which will see 70 per cent of the 1,000-odd workforce being laid off.Nearly two years after it raised a mammoth $42 million (roughly Rs. 340 crore) in funding, it emerged that GoMechanic cooked its financial books by inflating revenues.In a post on LinkedIn, Bhasin said founders got "carried away" in their…