Bangalore: Parking solutions platform Park + has raised $ 25 million in 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 funding round which values Park + at around $ 160 million.
The company said it plans to increase the use cases of the app, introduce financial services, and expand into new geographies. With its solutions currently deployed in six Indian cities, including Bengaluru and Delhi NCR, Park + plans to expand its presence to 25 cities over the next three months.
“After covid, there is a strong abandonment of public transport and shared mobility, with a growing preference for personal vehicles. Park + is committed to revolutionizing the way automotive related services are delivered and managed in India. The continued confidence of our investors will help us strengthen our expansion plans, hire and deploy skilled operational teams and create strong offerings in addition to our existing services, providing a 360 degree experience for car owners across the country, ”said Amit Lakhotia, Founder and Chief Executive Officer (CEO), Park +.
Almost 4.5 lakh of cars pass through the solutions deployed by Park + daily, Lakhotia told Mint in an interview.
Two-year-old Park + provides a complete ecosystem for car owners that solves the daily challenges of parking, FASTag management, auto insurance, and more.
It has deployed its solutions in 1,500 companies, 30 shopping centers and 150 corporate buildings to enable users to find parking. It also delivers FASTag to users and allows vehicles to seamlessly pass through front doors by deploying radio frequency identification (RFID) beacons.
In addition to its partnerships with corporations and businesses, the company also offers users more than 90,000 reservation locations 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 its user base. 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. We are excited to see a strong NPS customer base and growing network effects business, with the potential to dominate a whole new category that the company is helping to create, ”said Shailendra Singh, Managing Director of Sequoia India.
Earlier this year, the company partnered with used car platforms CarDekho and Spinny to also enable its users to buy and sell their used cars.
The company now plans to roll out credit and insurance on its app, through financial service providers, within the next 8-9 months. It is also looking to expand internationally into the new markets of Dubai and Singapore over the next year.