Who is Amit Bhasin GoMechanic co-founder, his biography, age, education, net worth

Who is Amit Bhasin GoMechanic co-founder, his biography, age, education, net worth
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A true blue believer and doer, Amit Bhasin has put his entrepreneurial plans into action with the GoMechanic, know his net worth

An MBA and an engineer, Amit Bhasin has marked his name for himself in the industry for his earlier stints at renowned firms like Hay Group and OYO Rooms.

Who is Amit Bhasin GoMechanic co-founder, his biography, age, education, career, net worth

Amit Bhasin education, age, professional career

Amit Bhasin aims to create a branded and tightly controlled network of car repair workshops offering customers a seamless, reliable, and transparent experience. Amit also believes use of technology as a lever to build trust and efficiency in the entire automotive repairs value chain.

Amit Bhasin has a management degree from the prestigious Indian Institute of Management, based in Ahemdabad and his Bachelor’s degree is from the DCE (Delhi Technological University), India. Amit is presently between 30-40 years of age.

Amit Bhasin’s latest news

GoMechanic firesd almost 70% of its workforce and co-founder Amit Bhasin stated that they messed up financially with many considering the company’s actions to be akin to a colossal fraud. Japanese multinational SoftBank was about to crack a deal with Indian car servicing startup GoMechanic but now that deal seems to be off the table given how GoMechanic’s own co-founder has admitted to lapses in financial reporting and has gone on to fire 70% of the company’s workforce.

It has been reported on Tuesday, 16th of January 2023 that a Gurugram-based company will fire 70% of its staff members. In a continuing trend of mass firings, BYJU’S being a major offender in India, the news came as a shock even as the business observers started pointing their fingers at financial irregularities within the companies.

This latest update which came this morning on the 18th of January in 2023 when GoMechanic co-founder Amit Bhasin decided to spill the beans through a LinkedIn post. Amit started the post by recounting how he began the company in early 2016 “to bridge the gap between process-oriented authorized service centers and cost-effective local workshops for people who were looking for even better car repair experience.

He further added, ‘GoMechanic’s top executives take full responsibility for the situation and they also have decided to restructure the company. Calling it a very “painful” thing, he stated the restructuring involves firing a significant chunk of the workforce.”

Amit Bhasin’s net worth

While his net worth isn’t known, GoMechanic has a current valuation of $283 million.

GoMechanic has raised a total funding of $62M over 7 rounds and their latest funding round was a Series C round on Jun 08, 2021 for $42M. The company had a revenue of Rs.100 crore in 2022 while the losses were 4x.

With a high burn on marketing, GoMechanic’s losses spiked 4.2X to Rs 114 crore in FY22 from Rs 27 crore in FY21 and the cash outflow from operations also grew by 142% to Rs 155 crore in FY22.

The ROCE and EBITDA margin of the company was recorded at -56.9% and -114.4% in FY22 and on a unit level, the company spent Rs 2.32 to earn a single unit of operating revenue.

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