Super app for car owners Park+ has raised $17 million (about Rs 140 crore) in its Series C round, led by existing investors Epiq Capital, Sequoia Capital, and Matrix Partners India.
The round values the Gurugram-based company at $340 million, up from around $150 million during its Series B funding in November 2021.
As part of the latest fundraising, the three lead investors have injected $16 million into the company, while angel investors, including serial entrepreneur and investor Kunal Khattar, invested $1 million.
Park+ founder and CEO Amit Lakhotia said “We do not want to disrupt the existing market. Where we can, we are partnering with existing players like dealerships, service centers, fuel retailers, malls, and even companies like MyGate for our services”.
Launched in July 2019, Park+ initially offered corporate parking solutions but the use case lost traction during the Covid-19 outbreak, pushing the company to pivot into a one-stop solution for car owners through a super app that it launched in 2021.
Park+ offers services such as parking solutions, FASTag management, car insurance, automated vehicle access control systems, daily car wash, and EV charging stations.
The latest fundraising gives Park+ an additional runway of 35-40 months, Lakhotia said.
The company has used less than 50% of the $25 million raised in the Series B round, he added.
“We have been very conservative regarding how we have been spending money. Over the last three years, we have raised roughly $55 million, of which $30 million is still in the bank,” Lakhotia said.
The company said it currently has 6 million car owners on its platforms and is present in more than 25 cities.
“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. “Today, they host the largest community of car owners in India (60 lakh), a testament to the brand's traction and acceptability among its users.”
Epiq Capital has backed startups including Lenskart, Dailyhunt, MSwipe, and Pristyn Care.
"The auto-tech category is poised for rapid transformation with cars becoming more digital and every car becoming a payment instrument with FASTag", said Rajinder Balaraman, managing director, Matrix Partners India.
“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,” he added.
What started as a mission to connect commuters to safe, secure, and digitized parking spaces all across the country has now expanded to become a safe space to cater to people’s car needs.
When we first launched Park+, we wanted to make it easier for travelers to save time when searching for parking spaces at different spots in the country. But as we connected with our users, we identified the need to expand our horizon to cater to other car-related needs like insurance renewal, FASTag-related issues, challan payment, etc.