The founders of GoMechanic admitted to falsifying figures to investors after SoftBank found irregularities in the five-year-old firm’s growth and revenue numbers while inspecting accounts before a potential investment
This comes two months after founder Amit Bhasin admitted to financial reporting errors and announced that the cash-strapped company will lay off roughly 70 percent of its workforce while also having its accounts audited by a third party.
(Reuters) - Troubled Indian car service and repair startup GoMechanic has been acquired by a consortium led by Lifelong Group, the auto parts firm said on Wednesday. | 03:06am
GoMechanic had been hunting for a buyer for the last two months, after it laid off 70 per cent of its workforce and admitted to financial fraud in January