GoMechanic announces issuance of Rs 30-crore stock options for service partners
- ByStartupStory | July 6, 2022
GoMechanic, an aftermarket automobile service, and maintenance platform announced on Tuesday that it aims to distribute shares worth Rs 30 crore toward its service partners as part of an incentive program. GoMechanic announced the launch of a ‘partners incentive plan’ for its service partners, workshops, retailers, distributors, and consultants across India, as well as plans to train over 5,000 mechanics is far more than 1,500 workshops across the country in collaboration with the National Skill Development Corporation (NSDC).
“As a reward for its extensive network of service partners, the corporation has proposed issuing stocks worth Rs 30 crore. These stock options will also have a 4-year vesting term with 25% yearly vesting and a one-year cliff period “GoMechanic issued a statement. GoMechanic co-founder, Kushal Karwa commented on the plan, saying, “The partner stock option program is a step toward incentivizing and strengthening our collaboration with our partner workshops by enabling them to partake in GoMechanic’s long-term value creation as well as expansion in the automotive industry.”
“This will also allow us to establish closer ties with them and give them the recognition that they deserve,” he said. GoMechanic also stated that it had worked with NSDC for mechanic training.
“The NSDC training, which will begin on July 5, 2022, would be a key component of the government’s Skill India Mission. The three-tier training program will include an intensive eight-module curriculum that covers every part of automobile building and provides technicians with advanced abilities “According to the firm. Furthermore, the training would attempt to offer high-quality career prospects while adhering to OEM industry norms, according to the company.
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