Sequoia-backed GoMechanic’s investors are still trying to figure out the scale of its misreported numbers, nearly a week after the Indian car service startup’s founders informed them about the cooked books, sources aware of the matter told DealStreetAsia.
The company’s founder, Amit Bhasin, on Wednesday announced on LinkedIn that it is laying off 70% of its employees and that its leadership “got carried away” in following the path to growing at all costs. He added that it “took the better of us and we made grave errors in judgment, particularly in regard to financial reporting”.