Existing and new investors, including AdvantEdge, Fund II-A Series of Somani Investments LP and Motherson Lease Solution Ltd., also participated in the fundraiser. Park + raised $ 11 million last year in a Series A round, which was co-led by Sequoia Capital India and Matrix Partners India and a group of angel investors.
Founded in 2019 by Amit Lakhotia, Park + is an ecosystem that solves the daily challenges faced by car owners, ranging from parking to FASTag management, auto insurance, automated vehicle access control systems. in shopping centers, business parks and residential apartments.
Park + plans to use the funds raised to strengthen its technology and product development. With this capital injection, the company plans to increase its car market share from 6% to 15% over the next three quarters, alongside geographic expansion. It is present in major cities including Delhi NCR, Bengaluru and Chennai.
Lakhotia said Park + will reach an annualized income rate of $ 15 million by December 2022.
“We have increased four times in the last 6-7 months and have around 90,000 parking spaces on our platform. After Covid, there is a strong abandonment of public transport and shared mobility, with increasing preference for personal vehicles, ”he said. noted. Lakhotia previously held management positions in companies such as Paytm, Tokopedia and MakeMyTrip.
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While the company started its business by providing parking services, it expanded its offering after the Covid-19 pandemic. He works with individuals as well as with companies that offer them parking and other services. For Park +, 25-30% of its income comes from the parking service offering while the rest comes from others. The startup has 800 employees, 50% of whom are in sales and operations. He plans to add talent in the areas of technology, products and sales.
“Park + has quietly built a dominant position in the parking, FASTag and access control market and is now launching various services and subscriptions for its user base,” said Shailendra Singh, Managing Director of Sequoia Capital India . “The company is focused on improving a user’s day-to-day automotive experience by leveraging automation in areas that were heretofore manual and tedious.”