Serial entrepreneurs and second-time startup founders are increasingly exploring untapped opportunities in the tech ecosystem to launch new ventures. Joining this bandwagon are Rishabh Karwa and Nitin Rana, the cofounders of GoMechanic. Despite ongoing controversies surrounding GoMechanic, both founders are currently working on separate and unnamed startups.
Rishabh’s New Venture with a Focus on Local Storefronts
Rishabh’s new venture is centered around “Building for Local Storefronts around the World,” as stated in his X (Twitter) bio. His recent tweets suggest that he has spent considerable time in the US. While further details about his startup remain undisclosed, he has dropped hints since June, indicating a suspension score for businesses to assess their risk profiles.
Rana’s Startup Focuses on Travel and Hospitality
On the other hand, Nitin Rana is working on a startup dedicated to “Building Travel & Hospitality Product for Indian Subcontinent and World,” according to his LinkedIn profile. As with Rishabh’s venture, detailed information about Rana’s startup is yet to be revealed through official portals.
The Controversies Surrounding GoMechanic
GoMechanic, backed by Peak XV (Sequoia), faced financial misreporting issues that resulted in its acquisition by a consortium led by Lifelong Group. The founders admitted to discrepancies, leading to equity investors’ write-offs and venture debt investors’ partial recovery of funds. While legal action against the founders, including Rishabh and Rana, is a possibility. It remains uncertain as all shareholders must reach a consensus.
The Road Ahead for Rishabh and Rana’s New Ventures
Despite the controversies surrounding GoMechanic, Rishabh has been vocal about starting anew, indicating progress in building a new product and startup. However, the overhang of the GoMechanic controversy might influence the perception of their new ventures in the early stages. Nevertheless, experienced serial entrepreneurs like Rishabh and Rana may still secure substantial funding for their startups. As it makes it a defining achievement in their careers. As they take on new challenges, they will also have to tackle perception battles while competing with giants in their respective industries.
