Park+, a car owners-focused app, said it has raised Rs 140 crore, closing its Series C round, led by existing investors Epiq Capital, Matrix Partners India and Sequoia Capital India.
The funds will be utilized to expand its presence to over 100 cities across its services, hire around 200 employees and expand its services verticals.
The fresh funding has doubled the valuation of the Gurugram-based startup to $340 million, up from $155 million when it raised $25 million in October 2021, in Series B funding.
Launched by Amit Lakhotia, former vice-president of Paytm Payments, in 2019, Park+ has raised about $55 million so far.
“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. Despite the funding winter, and not much marketing spend, we have raised the capital,” Lakhotia, founder and CEO of Park+, said in an interview.
“We are building a superapp for car owners. The idea was to solve for the daily issues that car owners face, from car wash to parking. We have been expanding our services to enhance the car ownership experience for them, throughout the life cycle of their car,” added Lakhotia.
“…Park+ has identified and unlocked business opportunities within the auto-tech segment, which no one else was ready or willing to solve. 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,” said Rishi Navani, managing partner, Epiq Capital.
Park+ offers a slew of services such parking, tracking challans, recharging FASTag, renewing insurance, car cleaning and maintenance among others. The app went live in 2020 and currently has roughly 60 lakh car owners on its platform.
“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,” Rajinder Balaraman, managing director, Matrix Partners India said.