India-based online vehicle repair platform GoMechanic, backed by Sequoia India, has terminated job of 70 percent of its workforce as the startup struggles to raise funds.
GoMechanic connects car owners with repair service providers in their area. It also sells original spare parts and accessories for automobiles on its website.
GoMechanic has asked the remaining staff to work without pay for three months, reports TechCrunch.
For over a year, GoMechanic has been struggling to raise funds, despite advanced-stage discussions with several investors.
GoMechanic was in talks to raise a round of funding via Tiger Global at a valuation of over $1 billion early last year.
GoMechanic was founded in 2016 by Amit Bhasin, Kushal Karwa, Nitin Rana, and Rishabh Karwa.