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Nuvama Wealth Management has marked the first close of India’s biggest venture debt fund, as demand for credit from local companies rises in the wake of a slowdown in venture capital and private equity dealmaking. Mumbai-based Nuvama, previously known as Edelweiss Wealth Management, had hit ......
The deal brings some respite to the Sequoia Capital and Tiger Global-backed car servicing startup as it battles the consequences of financial misreporting, insolvency pleas, and mistrust among employees and vendors.
Lifelong Group, an Indian conglomerate focussed on auto component manufacturing, medical devices and e-commerce, has acquired a majority stake in GoMechanic under the Servizzy consortium. The move comes after GoMechanic recently faced financial difficulties and the board and stakeholders with support from Stride Ventures initiated the sale process to ensure the continuity of GoMechanic's business. Lifelong India Private Limited is a private company established in 1985. The group diversified into auto component manufacturing in 1995, medical devices in 2005, and e-commerce in 2015. The busine...
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.