Park+, an app for car users, 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 Ltd., also participated in the fundraising. Park+ raised $11 million last year in a Series A round, which was co-led by Sequoia Capital India and Matrix Partners India and a clutch of angel investors.
Founded in 2019 by Amit Lakhotia, Park+ is an ecosystem that solves the daily challenges faced by car owners ranging from parking, FASTag management, car insurance, automated vehicle access control systems in malls, corporate parks and residential apartments.
Park+ plans to utilise the funds raised to strengthen its technology and product development. With this capital infusion, the company is planning to scale its market share of cars from 6% to 15% in the next three quarters along with geographical expansion. It is present in top cities including Delhi NCR, Bengaluru and Chennai.
Lakhotia said Park+ will hit a $15 million annualised revenue run rate by December 2022.
"We have scaled up four times in the last 6-7 months and have about 90,000 parking slots on our platform. Post-Covid, there is a strong shift away from public transport and shared mobility, with growing preference for personal vehicles," he said. Lakhotia has previously worked in senior roles in firms like Paytm, Tokopedia and MakeMyTrip.
While the company started operations by providing parking services, it has widened its offerings after the Covid-19 pandemic. It works with individual consumers as well as companies offering them parking and other services. For Park+, 25-30% of its revenue comes from offering parking service while the rest is from others. The startup has 800 employees, of which 50% are in sales and operations. It plans to add talent across tech, product, and sales.
"Park+ has quietly built a dominant position in the parking, FASTag and access control market and is now launching various services and subscriptions for their user base," said Shailendra Singh, managing director at Sequoia Capital India. "The company is focused on improving a user’s everyday car experience by leveraging automation in areas that were so far manual and tedious."
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At Park+, we are building an eco-system for car owners which will be a one-stop solution for all their needs. From parking reservation to challan payments, FASTag recharge to RTO related information, real time fuel price information to nearest PUC center search, we have a lot to offer.
We also offer smart parking automated solutions to corporates, apartments, malls, hospitals and other commercial establishments. Our app is a life savior for daily commuters as it provides them with a seamless and real-time experience for parking discovery, booking, payment and tracking.