Auto repair and maintenance platform, GoMechanic has announced the launch of a Partners Incentive Plan for its services partners, workshops, retailers, distributors, and consultants across India. Under this initiative, the company has proposed a Partner Stock Option Programme (PSOP) to issue stocks worth Rs. 30 crore for its partners. The company says that the stock options will have a 4-year vesting duration with yearly vesting at 25 per cent and a cliff period of one year. Right now, the GoMechanic PSOPs are available only to a select number of big partners that have been affiliated with the company for longer than a year.
GoMechanic, which functions as a Franchise Owned Company Operated (FOCO) model, has its services spread across more than 60 cities and partners with over 1500 workshops across India. And with these initiatives, the company hopes to ensure the faith of current service partners. The company intends to expand the advantages of this concept to newly onboarded partners.
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Right now, the GoMechanic PSOPs are available only to a select number of big partners that have been affiliated with the company for longer than a year
Speaking about the new initiative, Kushal Karwa, Co-Founder, GoMechanic, said, "The Partner Stock Option Program is a step towards incentivising and strengthening our collaboration with our partner workshops by enabling them with the opportunity to participate in GoMechanic's long-term value creation as well as expansion in the automotive sector. This will also enable us to foster deeper connections with them and give them the due recognition that they deserve. GoMechanic, as an organisation, is committed to working towards streamlining the automotive service sector to create meaningful job opportunities and upskill the informal workspace."
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Furthermore, the company has also partnered with the National Skill Development Center (NSDC) to train over 5000 mechanics across more than 1,500 workshops in India. It will be a three-tier training module, which will comprise an intense 8-module curriculum covering every aspect of a car's construction and equipping the mechanics with advanced skills.
GoMechanic founders - Kushal Karwa, Amit Bhasin, Rishabh Karwa and Nitin Rana
Talking about the NSDC training programme, Amit Bhasin, Co-Founder, GoMechanic said, "Our partnership with NSDC is a step in the direction of our deep commitment to the Skill India initiative. As a result, service partners will receive Verified Skill India badges based on merit and skill. This is a significant step towards our goal of having Service Buddies trained to offer unmatched levels of customer care and upskill their portfolios. As an industry leader, we at GoMechanic are committed to bring top-notch technical know-how and customer service to millions of car owners through our technology first partner network across the country."
The training programme started on July 5, and GoMechanic says it is an integral part of the Government body's Skill India Mission. The aim here is to create high-calibre job opportunities and adapt the module to the OEM industry standards.
