Park+, a super app for car users on Wednesday announced that it has raised $25 million in a Series B funding round co-led by Sequoia Capital India, Matrix Partners India and Epiq Capital.
Existing and new investors, including AdvantEdge, Fund II - A Series of Somani Investments LP and Motherson Lease Solution Limited, also participated in the round.
Park+ had previously raised $11 million in Series A funding co-led by Sequoia Capital India and Matrix Partners India. Angel investors like Ashish Hemrajani (BookMyShow), Deep Kalra (MakeMyTrip), Kunal Shah (Cred), Ashneer Grover (BharatPe) and Kunal Bahl (Snapdeal) had also participated earlier.
Founded by Amit Lakhotia, Park+ is a comprehensive, one-stop ecosystem that solves the daily challenges faced by car owners ranging from parking, FASTag management, car insurance, to advanced and automated vehicle access control systems in malls, corporate parks and residential apartments.
The start-up is planning to utilise the fresh funds to strengthen its core technology and build out innovative solutions for cars and car owners that can solve all their pain points on a single platform.
It is aiming to scale the number of cars on the platform from around 6to 15 per cent of all cars in India in the next three quarters with aggressive geographical expansion following the latest capital infusion. It is also planning to drive a deeper consumer adoption of various services on the app by investing in the overall ecosystem for car owners.
Amit Lakhotia, Founder & CEO, Park+ said, “Post Covid, there is a strong shift away from public transport and shared mobility, with growing preference for personal vehicles.”
“Park+ is committed to revolutionise how car-related services are offered and managed in India. The continued trust of our investors will help us strengthen our plans of expansions, hire and deploy skilled operational teams and build strong offerings on top of our existing services, providing a 360-degree experience for car owners across the country,” added Lakhotia.
Park+ has also established as one of the largest non banking FASTag service providers in the country, with a presence across 600 cities/ towns in India.
Park+ access control and parking automation solutions are deployed at prime locations including airports, malls and over 3,000 residential apartment gates.
Recording over two million app installs in less than 12 months , Park+ has seen tremendous growth since its inception. It has over 90,000 bookable spots in Delhi NCR, Mumbai and Bengaluru.