BackParking solutions platform Park+ raises $25 million
The company said it plans to increase use cases on the app, introduce financial services, and expand to newer geographies
PremiumBENGALURU : 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 new investors, including AdvantEdge, Fund II, and Motherson Lease Solution Ltd, also participated in the round, which values Park+ at roughly $160 million.
The company said it plans to increase use cases on the app, introduce financial services, and expand to newer geographies. Its solutions are deployed in six Indian cities, including Bengaluru and Delhi and Park+ plans to expand its footprint across 25 cities in the next 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 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+.
Close to 450,000 cars go through solutions deployed by Park+ daily, Lakhotia told Mint in an interview.
Two-year old Park+ provides a comprehensive ecosystem for car owners that solves daily challenges across parking, FASTag management, car insurance, among others.
It has deployed its solutions across 1,500 societies, 30 malls and 150 corporate buildings to allow users to find parking. It also issues FASTag to users and allows vehicles to seamlessly cross entry gates through deploying radio frequency identification (RFID) tags.
In addition to its partnerships with societies and corporations, the company 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.
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