India's GoMechanic was acquired by a group led by car parts manufacturer Lifelong Group on Wednesday. The Delhi-based company released a statement announcing that the GoMechanic business had been acquired by the Lifelong Group as the majority shareholder as part of the Servizzy consortium. The Lifelong Group is a 1985-founded Indian business that has sought to expand into the automotive service and repair sector. This was in response to questions that were asked on Tuesday evening, and Lifelong India Pvt. Ltd. confirmed the acquisition. The deal's financial details were not made public.
According to Reuters, SoftBank was in talks to invest $35 million in the business at a valuation of $600-700 million last year.LifeLong Group, a 38-year-old manufacturer of automotive components, will benefit from the partnership with GoMechanic's expansion into the automotive service and repair sector.
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