India-based parking solutions platform Park+ has recently raised US$25 million in a Series B funding round that was co-led by Matrix Partners India, Sequoia Capital India, and Epiq Capital.
The round was joined by new and existing investors including Fund II, Motherson Lease Solutions, and AdvantEdge. With this round, Park+ values about US$160 million.
The startup plans to use the fresh funding to increase its use cases on the app, expand to new geographies, and introduce financial services. The solutions offered by Park+ are deployed in 6 cities of India including Delhi and Bengaluru. Park+ plans to expand its footprint across 25 Indian cities in the next 3 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 plans for expansion, hiring and to deploy 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 chief executive officer (CEO), Park+.
“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.
Park+ was founded by Amit Lakhotia in 2019. The mobile app-based platform offers comprehensive solutions around the ownership of cars. A user can discover and book parking through its app and can also buy and recharge FASTags, pay traffic fines online, get a daily car wash, and much more.
About 450,000 cars go through solutions deployed by Park+ everyday.
The solutions offered by started are being used across 30 malls, 150 corporate buildings, and 1500 societies to allow users to find parking. The platform also issues FASTags and enables the users to seamlessly cross the entry gates by deploying RFID (radio frequency identification) tags.
Besides having a partnership with corporations and societies, the startup also offers its users over 90,000 booking slots through its app.
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