Indian Car Service Firm Seeks $35M Capital Infusion From SoftBank: Report

SoftBank Group Corp SFTBY might invest $35 million in Indian car service and repair firm GoMechanic, Reuters reported.
SoftBank has been in discussions with GoMechanic for more than nine months and was initially uncomfortable with the Indian firm's valuation request of $1 billion.
Vision Fund's early-stage talks with GoMechanic are being held around a $600-700 million valuation.
Malaysian sovereign fund Khazanah and existing investor Tiger Global are also planning to invest in the $100 million funding round.
GoMechanic was valued at $300 million last year with annual revenue of around $40 million.
The investment is supposedly one of the Japanese investor's smallest bets in India by its Vision Fund, two sources told Reuters.
According to Venture Intelligence, SoftBank invested almost $4 billion last year, including digital payments firm Paytm and online education firm Unacademy.
According to the report, SoftBank is looking at a more measured approach when 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.