Park+ raises 140 Cr in Series C funding, plans expansion to 100+ cities
Amit Lakhotia_Founder & CEO, Park+
● The funding is led by Epiq Capital II. Matrix Partners India & Sequoia Capital India also participated in the round.
● Plan to expand presence to 100+ Indian cities and hire over 200+ employees, across verticals
New Delhi, 13 January, 2023: Park+, a super app for car owners, has raised INR 140 crore in series C funding. The company’s funding was led by Epiq Capital II. Matrix Partners India & Sequoia Capital India also participated in the round. With this funding, Park+ aims to expand Park+’s presence in over 100+ cities and to hire 200+ employees, expanding its services verticals to supercharge Park+’s next growth phase.
Park+ is the one-stop solution for all car owners. It helps car owners to find a parking spot, track challans, recharge FASTag, renew insurance, car cleaning, car maintenance, and lots more. In 2020, the Park+ app went live and today caters to 60 lakh users (car owners). In fact, it is the best-rated app in its category with a 4.6 rating. Park+ is at the heart of the car ownership ecosystem, partnering with core service providers including- Auto OEMs, EV OEMs, car insurers, after-sales service providers, maintenance providers, car dealers, and banks to serve the end user in a seamless manner.
Commenting on the development, Amit Lakhotia, Founder & CEO, Park+ said, “The confidence shown by our investors in this round is a reflection of their conviction in our business model. At Park+ we took up car ownership related problems, which no one was ready or willing to solve. We today host the largest community of car owners in India- 60 Lakh cars, on our app. We will continue to invest our energies in bringing delight to our users (car owners), by strengthening and expanding our services to enhance the car ownership experience for them, throughout the life cycle of their car. Additionally, identifying and hiring talented individuals will remain an important part of our human resource expansion strategy.”
Commenting on the development, Hitesh Gupta, CTO, Park+ said, “Park+ has quietly and steadily built a completely new blue ocean business model, gravitating around serving the needs of Indian car owners. In less than two years we have managed to reinforce our dominance in digital first services- smart parking, FASTag distribution/recharge and access control. We will continue to invest heavily in hiring and expanding our technology team across India. Additionally, I would like to thank our investors for trusting and believing in us.
Rishi Navani, Managing Partner at Epiq Capital, said, “We are excited to reinforce our partnership with Amit Lakhotia and Park+ through our investments. Amit is an exceptional entrepreneur whose pursuit of executional excellence and delivering customer delight to each and every Indian car owner is commendable. Park+ has identified and unlocked innovative business opportunities within the auto-tech segment. Today one in six car owners is a Park+ user, a testament to the brand’s traction and acceptance. We are excited to deepen 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. We are excited to deepen our partnership with Amit and the Park+ team and look forward to the journey ahead” commented Rajinder Balaraman, Managing Director, Matrix Partners India
Key Park+ milestones:
● Gurugram headquartered with 700+ employees across India
● Present in over 25+ Indian cities
● Recognized by LinkedIn as one of the top startups in India 2022
● Recognized by Forbes asia in their top 50 startups list 2022
● The most used ‘Car App” in India (max transactions)
● The largest car cleaning service provider in India
● The largest EV charger installers in India
● The largest discoverable parking slot inventory in India
● The largest access control player in India (residential/corporate parks)
● The largest (PV) FASTag distributor in India
Park+ had previously raised $25 million co-led by Sequoia Capital India and Matrix Partners India.
Founded in 2019 by Amit Lakhotia, Park+ is a super app for car owners that solves the daily challenges faced by car owners – ranging from parking, FASTag management, car insurance, automated vehicle access control systems and EV charging stations. Backed by Sequoia Capital India and Matrix Partners, Park+ today hosts India’s largest community of car owners on its platform. Park+ is present in 3,000+ residential societies, 250+ offices and 40+ malls across 25+ Indian cities, including Delhi NCR, Bangalore and Mumbai. For more information, please visit: https://parkplus.io/
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