Under the scheme, the company proposes to issue stock worth Rs 30 crore to reward its network of service partners.
go mechanic Has become the second startup to include service partners in its stock option plans after urban company Said he would do so in March.
“The stock options “The 4-year vesting period will be the annual vesting at 25% and the one-year cliff duration,” Gomechanic said in a statement.
According to the company, PIPs are currently available to select large partners who have been associated with the company for more than a year. It also intends to extend the benefits of this concept to new onboard partners.
Kushal Karva, Co-Founder, Gomechanic, said, “The growth of our company lies in the enthusiasm and confidence of thousands of partner workshops across the country, who continue to expand their collaboration and keep operations operational even during the COVID-19 and lockdown period. keep.”
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Karva said the stock option plan is a step towards encouraging and strengthening their association with partner workshops, which provide them an opportunity to participate in Gomechanic’s long-term value creation as well as expansion in the automotive sector.
Founded in 2016 by Karva, Amit Bhasin, Rishabh Karva and Nitin Rana, Gomechanic’s services are spread across more than 60 cities. It partners with over 1,500 workshops across India.
It competes with other workshop chains such as Pitstop, Gobumper, Carpathy and Mahindra First Choice in the aftermarket automotive service segment.
In June last year,
GoMechanic raises $42 million (approximately Rs 311 crore) in funding round led by Tiger Global management. existing investors a type of tree Capital India, Oreos Venture Partners and Chirate Ventures also participated in the Series C funding round. Sources told ET that the company is trying to raise fresh funding rounds, but it is taking more time given the sluggish market conditions.
The company said it has partnered with the National Skill Development Center (NSDC) to train over 5,000 mechanics in over 1,500 workshops in the country.
The NSDC training, which began on July 5, will be an integral part of the government body’s Skill India mission. The three-level training module will include an intensive eight-module course covering every aspect of building a car and equip mechanics with advanced skills. In addition, it will aim to create high-potential job opportunities and adapt itself to OEM industry standards, the company said.
“Service partners will receive the Skill India badge verified on the basis of merit and skill. This is an important step towards our goal of training Seva Mitras. We are committed to bringing top-notch technical know-how and customer service to millions of car owners through our technology first partner network across the country,” said Amit Bhasin, cofounder of Gomechanic.
earlier this year,
Urban Company said it will allot stock options worth Rs 150 crore Your gig workers—which include plumbers, electricians, cleaners, groomers, etc.—through a ‘Partner Stock Ownership Plan’ (Psop). It said it would set up a trust to manage the Psop scheme and the gig workers would be allotted shares in excess of the income they already earned.