A consortium led by auto component maker Lifelong India has acquired car care platform GoMechanic in a slump sale transaction. Shardul Amarchand advised Lifelong India on the transaction. The consortium members, including Lifelong and venture debt provider Stride Ventures, first made investments in Servizzy and subsequently backed Servizzy to acquire the business of GoMechanic by way of a business transfer, structured on a slump sale basis.
The transaction team of Shardul Amarchand was led by Amit Khansaheb, Partner; Abhishek Dubey, Partner; Mayank Malhotra, Principal Associate; Ishita Sinha, Associate; and Pallov Upadhyay, Associate. Saurav Panda, Partner; and Arushi Chandra, Senior Associate advised on insolvency laws.
The counterparties and their advisors in the aforementioned transaction were: GoMechanic represented by Ortis Law; Stride by Khaitan & Co; Servizzy founders by Antares Legal; and Credable by its in-house team.
About Shardul Amarchand Mangaldas & Co:
Shardul Amarchand Mangaldas & Co, founded on a century of legal achievements, is one of India’s leading full-service law firms. The Firm’s mission is to enable business by providing solutions as trusted advisers through excellence, responsiveness, innovation and collaboration. SAM & Co is known globally for its exceptional practices in mergers & acquisitions, private equity, competition law, insolvency & bankruptcy, dispute resolution, capital markets, banking & finance and projects & infrastructure.
The Firm has a pan-India presence and has been at the helm of major headline transactions and litigations in all sectors, besides advising major multinational corporates on their entry into the Indian market and their business strategy. Currently, the Firm has over 770 lawyers including 157 Partners, offering legal services through its offices at New Delhi, Mumbai, Gurugram, Ahmedabad, Kolkata, Bengaluru and Chennai.
