Bengaluru: Parking solutions platform Park+ has raised $25 million as a part of its Series B funding round co-led by Sequoia Capital India, Matrix Partners India and Epiq Capital.
Existing and new investors, including AdvantEdge, Fund II and Motherson Lease Solution Limited, participated in the round that values Park+ at roughly $160 million.
The company said it plans to increase use-cases on the app, introduce financial services, as well as expand to newer geographies. With its solutions currently deployed in six Indian cities including Bengaluru and Delhi NCR, 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 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,” said Amit Lakhotia, founder and chief executive officer (CEO), Park+.
Close to 4.5 lakh 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 1500 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 over 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. We are thrilled to see strong customer NPS and a growing network effects business, with the potential to dominate a completely new category that the company is helping to create,” said Shailendra Singh, managing director, Sequoia India.
Earlier this year, the company partnered with used-car platforms CarDekho and Spinny to also allow its users to buy and sell their used-cars.
The company now plans to launch credit and insurance on its app, through financial service providers, in the next 8-9 months. It also looks to expand internationally to newer markets of Dubai and Singapore over the next year.