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Car ownership solutions platform, Park+, has raised ₹140 crore in its Series C round led by Epiq Capital II. Matrix Partners India and Sequoia Capital India also participated in the round.
The funds will be used to expand the app’s presence to over 100 cities and hire over 200 employees. It will also use this capital to expand its services verticals for the next phase of growth.
Park+ app went live in 2020 and today hosts a community of over 60 lakh car owners. It partners with various service providers, including Auto OEMs, EV OEMs, car insurers, after-sales service providers, maintenance providers, car dealers, and banks to serve the end user. Currently, it has presence in over 25 cities in the country .
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It had previously raised $25 million from Sequoia Capital India and Matrix Partners India.
Amit Lakhotia, Founder and CEO, Park+, said, “The confidence shown by our investors in this round is a reflection of their conviction in our business model. We will continue to invest our energies in bringing delight to our users, by strengthening and expanding our services to enhance the car ownership experience for them, throughout the life cycle of their cars. Additionally, identifying and hiring talented individuals will remain an important part of our human resource expansion strategy.”
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Rishi Navani, Managing Partner, Epiq Capital, said, “Park+ has identified and unlocked business opportunities within the auto-tech segment, which no one else was ready or willing to solve. We are excited to be deepening our partnership with Park+ and look forward to the journey ahead!”
“The auto-tech category is poised for rapid transformation with cars becoming more digital and every car becoming a payment instrument with FASTag. As a dominant market leader in a large and underserved market for access control, FASTag, parking, and related auto-services categories, Park+ is well positioned to delight every car user in India through its platform,” added Rajinder Balaraman, Managing Director, Matrix Partners India.
Also read:FASTag transactions at all-time high in November
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