Park+, a Gurugram-based super app for car owners, has closed its Series C funding round by raising Rs 140 crore led by Epiq Capital, Matrix Partners India, and Sequoia Capital India.
In a statement, the startup said it will use the funding to expand Park+’s presence to over 100+ cities, to hire 200+ employees, and expand its services verticals to supercharge Park+’s next growth phase.
“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,” Founder and CEO Amit Lakhotia said.
Founded in 2019 by Amit Lakhotia, Park+ solves car ownership related problems such as finding a parking spot, tracking challans, recharging FASTag, renewing insurance, car cleaning, car maintenance, etc.
Park+ app went live in 2020 and today hosts a community of 60 lakh car owners. The startup is 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.
“We are excited to reinforce our partnership with Amit and Park+ through our investments. Amit’s pursuit for executional excellence and delivering customer delight to each and every Indian car owner is commendable. Park+ has identified and unlocked business opportunities within the auto-tech segment, which no one else was ready or willing to solve,” said Rishi Navani, Managing Partner at Epiq Capital.
According to Rajinder Balaraman, Managing Director, Matrix Partners India, the autotech 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.
Park+ is present in 3,000+ residential societies, 250+ offices, and 40+ malls across 25+ Indian cities, including Delhi NCR, Bengaluru, and Mumbai.
The startup had previously raised $25 million co-led by Sequoia Capital India and Matrix Partners India.