Two-year-old Park+ presents a complete ecosystem for car owners that solves everyday difficulties across parking, FASTag management, car insurance, among others. Parking solutions platform Park+ has raised $25 million as part of its Series B funding round led by Sequoia Capital India, Matrix Partners India, and Epiq Capital.
Existing and fresh investors, including AdvantEdge, Fund II, and Motherson Lease Solution Ltd, also joined the round, valuing Park+ at approximately $160 million.
The firm told it plans to grow use cases on the app, offer financial services, and extend to more geographies. Its solutions are expanded in six Indian cities, including Bengaluru and Delhi, and Park+ intends to grow its footprint over 25 cities in the following three months.
“Post covid, there is a strong shift away from public transport and shared mobility, with growing preference for personal vehicles. Park+ is committed to revolutionize how car-related services are offered and managed in India. The continued trust of our investors will help us strengthen our expansion plans, hiring and deploying skilled operational teams, and build strong offerings on top of our existing services, providing a 360-degree experience for car owners across the country,” said Amit Lakhotia, founder and CEO, Park+.
Close to 450,000 cars go through solutions deployed by Park+ daily, Lakhotia said in an interview.
It has expanded its solutions to over 1,500 societies, 30 malls and 150 corporate buildings to permit users to find parking. It also issues FASTag to users and allows vehicles to seamlessly cross entrance gates using radio frequency identification (RFID) tags.
In enhancing its partnerships with societies and businesses, the firm also offers users more than 90,000 booking slots on its app.
“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. The company is focused on improving a user’s everyday car experience by leveraging automation in areas that were so far manual and tedious,” said Shailendra Singh, managing director, Sequoia India.
Amit Lakhotia, who has served in successful startup brands like MakeMyTrip, Paytm, and Tokopedia, launched Park+ in 2019. An intelligent parking solution startup that strives to be the BookMyShow for parking.
