Industrial Automation Magazine India

GoMechanic grants Rs 30 cr stock options to Partners; enables upskilling opportunities

Published on : Wednesday 06-07-2022

The Partner Stock Option Program will have a 4-year vesting duration with yearly vesting at 25 percent and a cliff period of one year.

India, July 5, 2022: GoMechanic, India's largest aftermarket automotive service and maintenance platform, has announced the launch of a Partners Incentive Plan for its services partners, workshops, retailers, distributors and consultants across India. The company has proposed to issue stocks worth INR 30 crore as a reward for its vast network of service partners. The stock options will have a 4-year vesting duration with yearly vesting at 25% and a cliff period of one year.

Focused on empowering growth through training opportunities, GoMechanic has also partnered with the National Skill Development Center (NSDC) to train 5000+ mechanics across 1,500+ workshops in India. The NSDC training, which starts on July 5 2022, will be an integral part of the Government body’s Skill India Mission. The three-tier training module will comprise an intense 8-module curriculum covering every aspect of a car's construction and equips the mechanics with advanced skills. In addition, it will aim to create high-calibre job opportunities and adapt itself to the OEM industry standards.

Speaking about the new initiative, Kushal Karwa, Co-Founder, GoMechanic, said, “The growth of our company is vested in the zeal and trust of thousands of partner workshops across the country, who continue to expand their association and keeping the operations running even during covid and lockdown.  The Partner Stock Option Program is a step towards incentivising and strengthening our collaboration with our partner workshops by enabling them with the opportunity to participate in GoMechanic’s long-term value creation as well as expansion in the automotive sector.

“This will also enable us to foster deeper connections with them and give them due recognition that they deserve. GoMechanic, as an organisation, is committed to working towards streamlining the automotive service sector to create meaningful job opportunities and upskill the informal workspace. We endeavour to support the holistic growth of the automotive industry.”