Park+ raises USD 25 mn funding from Sequoia Capital India, others

Park+, a super app for car users, on Wednesday said it has raised around USD 25 million (about Rs 186 crore) in funding, 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 Limited, also participated in the series B round, a statement said.

Park+ plans to utilise the funds to strengthen its core technology and build innovative solutions for cars and car owners that can solve all their pain points on a single platform, it added. The company is also looking at aggressive geographical expansion, and at driving a deeper consumer adoption of various services on the app by investing in the overall ecosystem for car owners. Park+ had previously raised USD 11 million in series A funding co-led by Sequoia Capital India and Matrix Partners India.

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Angel investors like Ashish Hemrajani (BookMyShow), Deep Kalra (MakeMyTrip), Kunal Shah (Cred), Ashneer Grover (BharatPe) and Kunal Bahl (Snapdeal) had also participated earlier. Post COVID, there is a strong shift away from public transport and shared mobility, with growing preference for personal vehicles, Park+ founder and CEO Amit Lakhotia said.

“Park+ is committed to revolutionise how car-related services are offered and managed in India. The continued trust of our investors will help us strengthen our plans of expansions, hire and 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,” he added. Founded by Amit Lakhotia, Park+ is a comprehensive, one-stop ecosystem that solves the daily challenges faced by car owners ranging from parking, FASTag management, car insurance, to advanced and automated vehicle access control systems in malls, corporate parks and residential apartments.

Park+ has established itself among the largest non-banking FASTag service providers in the country, with a presence across 600 cities and towns in India. Park+ access control and parking automation solutions are deployed at prime locations including airports, malls and over 3,000 residential apartment gates.

Installations include prominent properties of Blackstone, Brookfield and Mindspace real estate investment trusts, as well as Airtel head-office (Gurgaon), One BKC (Mumbai), Select City Walk Saket (Delhi), Pacific Malls (multiple locations) among others.