The startup "made errors in judgment as we followed growth at all costs, including in regard to financial reporting, which we deeply regret," says GoMechanic co-founder Amit Bhasin.
Sequoia Capital through its investment vehicles sells 17.2 crore shares of Zomato in the open market; brings stake down to 4.4% from 6.41% earlier
The U.S.-based investor has allocated $2 billion for the Indian venture and growth funds.
Dhoni, who has invested an undisclosed sum, will also be the brand ambassador for the startup backed by Sequoia India, Tencent, and Y Combinator.
The pre-Series A round was led by Sequoia Capital India’s Surge, China’s Fosun RZ Capital, and KTB Network.
The Bengaluru-based edtech company will utilise the funds to launch new test preparation and examination categories, create new learning content and product.
