Bro these guys cooked books. Byju's has cooked up its entire existence

Brand Marketing Manager

do they even have books at this point 😂

Content Strategist

Software Engineer

At GoMechanic, it was finance head who hiding the real cash position with debt. Unfortunate.

Similar startups in trouble could be in cars resale field I feel. Not sure if they can scale in India

Maybe, in this case it was just due to integrity of 1-2 guys who used to manage debt funds.

Jis founders ne bungalow aur bmw kharid liya.. 
  
 I keep hearing founder diluted in secondary to buy Bungalow

Product Owner

Program Manager

Product Manager

Investor

Sales Manager

The problem is Indian taxation system. The more are the taxes, the more will people try to cheat. All companies do that. Nothing new. The whole breed of CA is existing on tax evasion community

You’re cooking up arguments like they cooked their books. 🤦🏻‍♂️ 
  
 What are you even saying? This had nothing to do with taxation. They were not even making money, so taxes are not even in the picture, they were actually inflating their sales.

I like whatever koolaid you are drinking if you feel the founders are not responsible whenever skeletons come out

Who said they aren't responsible? Of course captain of the ship stands to be blamed same way he/she gets all credit for any success. But if employees could see it coming it could have been useful for them to find a new home before this one caught fire

Recruiter

Site Reliability

Product analyst

Unsure how employees didn't catch the inflated sales numbers? Won't they have grafana or Prometheus based dashboards to track sales actively? If so not difficult to see that claimed numbers don't match the actuals.

After GoMechanic, now Mojocare is said to cook its books. Is this a trend? and which other companies are showing similar signs?

Welcome to Indian Startups's Private Community

GoMechanic, Now Mojocare

GoMechanic, Now Mojocare- Grapevine

GoMechanic, Mojocare.. who is next?

Finance Consultant

Reason given by investors on Mojocare sounds very fishy. At one end they are blaming the founder for embezzlement while on other end they are blaming market conditions and unsustainable business model for the layoff of employees. Doglapan?

Project Manager

Welcome to News Discussion's Private Community

https://entrackr.com/2023/07/mojocare-stares-at-shutdown-amid-scrutiny-over-financial-irregularities/

Looks like Mojocare may completely shut down

How it happened?
-wifi turned off
-Slack disabled
-Email disabled

Mojocare laysoff their entire staff of around 200+ people

That's some crazy shit, the CEO reached out to me 3-4 months back on LinkedIn for a Managerial position. Glad that I rejected it.

Customer Success

Founder

Heard mojocare numbers are fudged? What do you think? Something cooking?

Mojocare going the GoMechanic way?

Venture Capital

What happened with Mojocare? What’s the scene?

GoMechanic cooked the books 😐

Cloud Architect

Mojocare fraud out

VC Analyst

Brace yourself everybody. Another big fraud coming and this will be bigger than what we have seen so far. Sequoia (Peak XV) portfolio company.

Anything more that has come out or was the furore only for a day or two?

Any update on Mojocare?

This is an after thought from what happened at Mojocare and Gomechanic. 

I too have been at a startup that was upto similar stuff. Was really large at one point, until everyone figured something was off. 

For me, the first year or so I never got a hint of things. But over time, as I became closer and more trusted by the founders, things became quite clear. Creation of invoices for the sake of it, recording transactions that were anyway happening in the offline world, as transactions on the platform. Basically buying invoices by giving back businesses some of the VC capital as incentives. It was all messed up.

I always thought of doing something once I figured it out, but ended up not doing it. My only action was to find new roles, and leave as soon as I could. 
I remember discussing with friends - should I reach out to journalists? The answer we came to was that it's too risky, even if done anonymously. AND, that people we know would lose their jobs if the reality came out.

Eventually, it did come out. More people lost their jobs, because in that 1 year they ended up growing more and hiring more. Maybe if I'd been a whistleblower earlier, a lot of money could have been saved, so many jobs would not be lost.

A thank you to the people who have been braver than I was.

Rant: Maybe I should have been a whistleblower earlier (Mojocare aftermath)

Analyst

- GoMechanic, acquired by Servizzy in March 2023, achieved operational profit in the June 2024 quarter.
- The company posted a revenue of Rs 210 crore in FY 2023-24 and Rs 85 crore in the April-June 2024 quarter.
- New management led by Himanshu Arora and Muskan Kakkar turned the company EBITDA positive.
- GoMechanic plans to expand from 50 to 1,000 cities by 2027, aiming to service 1 out of 10 cars in India.
- Currently, the company services over 30,000 cars monthly through 600+ workshops in 50+ cities. 

 Source: Economic Times

GoMechanic Achieves Operational Profit Under New Management

Journalist

I know this might be a one off, but even if they are close to profitable/break even quarters, this can become a strong business

Big if true, given Meesho’s scale

I dont trust a single words come out of the CXO’s mouth in case of startups. All bullshiting and hyping

GoMechanic, Now Mojocare

Discover More

Indian Startups on

by Kendall Lee

Stealth

GoMechanic, Mojocare.. who is next?

Indian Startups on

by Kendall Lee

Stealth

Reason given by investors on Mojocare sounds very fishy. At one end they are blaming the founder for embezzlement while on other end they are blaming market conditions and unsustainable business model for the layoff of employees. Doglapan?

News Discussion on

by Jordon Lee

Gojek

Looks like Mojocare may completely shut down

Layoffs on

by Kendall Olive

Stealth

Mojocare laysoff their entire staff of around 200+ people

News Discussion on

by Dezi Olive

Venture Capital

Mojocare going the GoMechanic way?

Layoffs on

by Coy Dean

Unemployed

What happened with Mojocare? What’s the scene?

Layoffs on

by Kendall Gabriel

Google

GoMechanic cooked the books 😐

Indian Startups on

by Kalan Carmden

Linkedin

Mojocare fraud out

Indian Startups on

by Karilyn Lee

Stealth

Brace yourself everybody. Another big fraud coming and this will be bigger than what we have seen so far. Sequoia (Peak XV) portfolio company.

Indian Startups on

by Kalan Dean

Stealth

Any update on Mojocare?

Indian Startups on

by Blair Vernon

LivSpace

Rant: Maybe I should have been a whistleblower earlier (Mojocare aftermath)

News Discussion on

by Jordon Taye

Grapevine

GoMechanic Achieves Operational Profit Under New Management

Indian Startups on

by Jordon Olive

Swiggy

Big if true, given Meesho’s scale

Misc on

by Kendall Carmden

Stealth

VC with 5+ yrs of exp - AMA