Gurugram-based Park+ Raises Funding, Doubles Valuation
Park+, a Gurugram-based car owners-focused app, has raised Rs 140 crore, closing its Series C round, led by existing investors Epiq Capital, Sequoia Capital India and Matrix Partners India.
As per the startup, the raised funds will be utilized to expand its presence to over 100 cities across its services, hire around 200 employees and expand its services verticals.
With this fresh funding, the valuation of Park+ doubled to $340 million, up from $155 million when it raised $25 million in October 2021 in Series B funding.
Park+ | Find & Book Car Parking
Launched by Amit Lakhotia, Park+ is a Gurugram-based car owners-focused app that helps users find & book parking, recharge FASTag, get daily car cleaning, view e-Challans, check car health, buy & renew insurance & do much more!
Park+ app went live in 2020 and currently has around 60 lakh car owners on its platform.
Speaking about the development, Amit Lakhotia, Founder and CEO of Park+, said,
“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.”
Building a super app for car owners, the Gurugram-based startup has been expanding its services to enhance the car ownership experience for them throughout the life cycle of their cars.
In 2021, EVRE, a leading EV charging infrastructure player, partnered with Park+ to set up 10,000 charging stations across India over the next two years.
Commenting on the development, Rajinder Balaraman, Managing Director at Matrix Partners India, said,
“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.”
Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, CFO Services, or other startup related legal services, contact us.