SoftBank Group is in talks to invest $35 million in Indian car service and repair firm GoMechanic, in what would be one of the Japanese investor's smallest bets in India by its Vision Fund, which typically signs bigger cheques, two sources told Reuters.
But investment industry executives say SoftBank has started taking a more measured approach to its investments after a global tech rout. Last month, its boss Masayoshi Son said SoftBank would invest much less this year than in 2021, following a record $26.2 billion quarterly loss at its Vision Fund on falling tech valuations.
Founded in 2016, GoMechanic has serviced and repaired more than two million cars in India through its service centers, and says it costs 40% less than automakers' own offerings. GoMechanic was valued at $300 million last year, and currently has a gross annual revenue of around $40 million, the person added.
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