GoMechanic cofounders embark on new startup ventures

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Serial entrepreneurs and second-time startup founders are increasingly exploring untapped opportunities in the tech ecosystem to launch new ventures. Joining this bandwagon are Rishabh Karwa and Nitin Rana, the cofounders of GoMechanic. Despite ongoing controversies surrounding GoMechanic, both founders are currently working on separate and unnamed startups.

Rishabh’s New Venture with a Focus on Local Storefronts

Rishabh’s new venture is centered around “Building for Local Storefronts around the World,” as stated in his X (Twitter) bio. His recent tweets suggest that he has spent considerable time in the US. While further details about his startup remain undisclosed, he has dropped hints since June, indicating a suspension score for businesses to assess their risk profiles.

Rana’s Startup Focuses on Travel and Hospitality

On the other hand, Nitin Rana is working on a startup dedicated to “Building Travel & Hospitality Product for Indian Subcontinent and World,” according to his LinkedIn profile. As with Rishabh’s venture, detailed information about Rana’s startup is yet to be revealed through official portals.

The Controversies Surrounding GoMechanic

GoMechanic, backed by Peak XV (Sequoia), faced financial misreporting issues that resulted in its acquisition by a consortium led by Lifelong Group. The founders admitted to discrepancies, leading to equity investors’ write-offs and venture debt investors’ partial recovery of funds. While legal action against the founders, including Rishabh and Rana, is a possibility. It remains uncertain as all shareholders must reach a consensus.

The Road Ahead for Rishabh and Rana’s New Ventures

Despite the controversies surrounding GoMechanic, Rishabh has been vocal about starting anew, indicating progress in building a new product and startup. However, the overhang of the GoMechanic controversy might influence the perception of their new ventures in the early stages. Nevertheless, experienced serial entrepreneurs like Rishabh and Rana may still secure substantial funding for their startups. As it makes it a defining achievement in their careers. As they take on new challenges, they will also have to tackle perception battles while competing with giants in their respective industries.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Sarthak Luthra
Sarthak Luthra
Hey, there! I am the tech guy. I get things running around here and I post sometimes. ~ naam toh suna hi hoga, ab kaam bhi dekhlo :-)

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GoMechanic cofounders embark on new startup ventures

Serial entrepreneurs and second-time startup founders are increasingly exploring untapped opportunities in the tech ecosystem to launch new ventures. Joining this bandwagon are Rishabh Karwa and Nitin Rana, the cofounders of GoMechanic. Despite ongoing controversies surrounding GoMechanic, both founders are currently working on separate and unnamed startups.

Rishabh’s New Venture with a Focus on Local Storefronts

Rishabh’s new venture is centered around “Building for Local Storefronts around the World,” as stated in his X (Twitter) bio. His recent tweets suggest that he has spent considerable time in the US. While further details about his startup remain undisclosed, he has dropped hints since June, indicating a suspension score for businesses to assess their risk profiles.

Rana’s Startup Focuses on Travel and Hospitality

On the other hand, Nitin Rana is working on a startup dedicated to “Building Travel & Hospitality Product for Indian Subcontinent and World,” according to his LinkedIn profile. As with Rishabh’s venture, detailed information about Rana’s startup is yet to be revealed through official portals.

The Controversies Surrounding GoMechanic

GoMechanic, backed by Peak XV (Sequoia), faced financial misreporting issues that resulted in its acquisition by a consortium led by Lifelong Group. The founders admitted to discrepancies, leading to equity investors’ write-offs and venture debt investors’ partial recovery of funds. While legal action against the founders, including Rishabh and Rana, is a possibility. It remains uncertain as all shareholders must reach a consensus.

The Road Ahead for Rishabh and Rana’s New Ventures

Despite the controversies surrounding GoMechanic, Rishabh has been vocal about starting anew, indicating progress in building a new product and startup. However, the overhang of the GoMechanic controversy might influence the perception of their new ventures in the early stages. Nevertheless, experienced serial entrepreneurs like Rishabh and Rana may still secure substantial funding for their startups. As it makes it a defining achievement in their careers. As they take on new challenges, they will also have to tackle perception battles while competing with giants in their respective industries.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Sarthak Luthra
Sarthak Luthra
Hey, there! I am the tech guy. I get things running around here and I post sometimes. ~ naam toh suna hi hoga, ab kaam bhi dekhlo :-)

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