Ex-Goldman Sachs Employee's Startup Garage Raises Rs 384 Crore

Goldman Sachs Veteran Raises Rs 384 Crore

Martin Hunt left his private equity position at Goldman Sachs after co-founding Garage, an online marketplace connecting emergency service agencies with buyers for used fire trucks and heavy equipment.

Moneycontrol reported on Wednesday that the startup secured Rs 384.17 crore in a Series B funding round led by Invus Opportunities.

The Bottom Line:

Garage closed a Rs 384.17 crore Series B funding round led by Invus Opportunities, bringing its total capital raised to Rs 562.20 crore.
The investment values the emergency vehicle marketplace at Rs 2,107.65 crore, up from its previous rounds.
The platform has surpassed Rs 937 crore in annualized equipment sales across more than 1,000 communities in the United States and Canada.

Transition From Private Equity to Emergency Marketplace

Hunt began volunteering at a fire station in northern Delaware at age 15. While helping manage operations, he experienced firsthand the difficulties departments faced when trying to sell aging apparatus through traditional phone networks and regional auctions.

In 2023, while working in private equity at Goldman Sachs, Hunt received an inquiry from a former colleague looking for guidance on liquidating used gear. “I told him it wasn’t easy. I just didn’t complain a ton,” Hunt told Moneycontrol.

That conversation led him to team up with Alaz Sengul, a former software engineer at Twitter. The pair left their corporate roles, pooled their personal savings, and joined Y Combinator’s winter 2024 program before launching the platform. Unlike conventional dealerships, Garage operates without warehousing or buying inventory directly. Its software utilizes artificial intelligence to appraise heavy machinery, coordinate freight logistics, and provide financing options alongside optional warranties.

Municipalities Recover Funds Through Digital Marketplace Surplus Sales

The digital marketplace removes intermediaries from municipal fleet transactions. Hunt’s home fire department in Delaware anticipated netting Rs 28.11 lakh for a retiring fire engine in 2025, but the vehicle sold for Rs 1.17 crore via the platform within days.

Municipalities across North America utilize the service to recover funds from retired machinery. According to a Fortune report published on November 10, the platform facilitated surplus sales for South Charleston, West Virginia, recovering more than Rs 11.24 crore. Those funds directly financed replacement apparatus and local firefighter cancer screenings. “An extra million dollars has a real impact on a community,” Hunt said.

The newly injected capital from the Series B round will fund headcount expansion and operational growth into public works and sanitation equipment sectors.

Disclaimer: The information provided in this article is for educational and market analysis purposes only and does not constitute financial, investment, or legal advice. Always consult with a certified financial professional before making investment decisions.

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