Bloomberg reported that EY s research suggested that about 60 of the more than 1,000 GoMechanic service centres may have broken accounting rules to inflate revenue and divert funds
GoMechanic, an online vehicle repair platform, has laid off 70% of its workforce as the Sequoia India-backed startup grapples with a funding crunch after the existing and prospective investors found that the founders had misstated facts, says a report from TechCrunch.
The Gurugram-based firm was looking to raise a new funding round led by SoftBank and Khazanah Nasional and was commanding a valuation of over $800 million.