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Park+ Raised $25 Million In A Series B Funding Round

Existing and new investors, including AdvantEdge, Fund II – A Series of Somani Investments LP and Motherson Lease Solution Limited, also participated in the round.

Park+, the super app for car users, announced today that they have raised ~$25M in a Series B funding round co-led by Sequoia Capital India, Matrix Partners India and Epiq Capital. Existing and new investors, including AdvantEdge, Fund II – A Series of Somani Investments LP and Motherson Lease Solution Limited, also participated in the round.

Founded by Amit Lakhotia, Park+ is a comprehensive, one-stop ecosystem that solves the daily challenges faced by car owners ranging from parking, FASTag management, car insurance, to advanced and automated vehicle access control systems in malls, corporate parks & residential apartments.

Park+ enabled MG to launch Astor as the world’s first car where users can book and pay for parking via the car’s head unit infotainment system. As more OEMs shift towards Electric and Connected Vehicles, Park+’s solutions will set the default industry standard. Park+ has also established itself as the largest non-banking FASTag service provider in the country, with a presence across 600 cities/ towns in India.

Park+ access control and parking automation solutions are deployed at prime locations including airports, malls and 3000+ residential apartment gates. Installations include prominent properties of Blackstone, Brookfield and Mindspace real estate investment trusts, as well as Airtel head-office (Gurgaon), One BKC (Mumbai), Select City Walk Saket (Delhi), Pacific Malls (multiple locations) among others.

Park+ plans to utilise the funds raised to strengthen its core technology and build out innovative solutions for cars and car owners that can solve all their pain points on a single platform. ~6% of all cars in India are already on Park+ platform. With this capital infusion, the company is planning to scale that number to 15% in the next 3 quarters with aggressive geographical expansion. It is also planning to drive a deeper consumer adoption of various services on the app by investing in the overall ecosystem for car owners.

On the announcement of Series B funding round, Amit Lakhotia, Founder & CEO, Park+ said, “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 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.”

Avnish Bajaj, Founder & Managing Director, Matrix India, said “Park+ has built a business in one of the most underserved segments in the country, underscoring the vast opportunity at hand. Their continued focus and immaculate execution on scaling products and

services to drive a greater adoption of smart solutions in an operationally complex business is what makes Park+ stand out, we’re excited to be deepening our partnership with Amit and look forward to the journey ahead!”

Shailendra Singh, Managing Director, Sequoia India, said “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.”

With 2M+ app installs in less than 12 months (most of which were marred with frequent lockdowns and work-from-home), Park+ has seen tremendous growth since its inception. It has 90,000+ bookable spots in Delhi NCR, Mumbai and Bangalore. Park+ customers’ experience gets enhanced across touchpoints owing to its collaboration with some established ecosystem players like IDFC, Acko, BookMyShow, DineOut, MyGate, CarDekho, Spinny etc.

Park+ had previously raised $11M in Series A funding co-led by Sequoia Capital India and Matrix Partners India. Angel investors like Ashish Hemrajani (BookMyShow), Deep Kalra (MakeMyTrip), Kunal Shah (Cred), Ashneer Grover (BharatPe) and Kunal Bahl (Snapdeal) had also participated earlier.

Source: Business World

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