Shardul Amarchand Mangaldas advises Lifelong Group on its acquisition GoMechanic’s business through Servizzy

May 2, 2023

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.