Park+ raises $17 million in funding from Epiq Capital, Sequoia and Matrix

The round values the Gurugram-based company at $340 million, up from around
$150 million during its Series B funding in November 2021.

As part of the latest fundraise, the three lead investors have injected $16 million in the company, while angel investors, including serial entrepreneur and investor Kunal Khattar, invested $1 million.

Park+ founder and CEO Amit Lakhotia told ET that the company will use the fresh capital to build new use cases on the app, add partnerships, and expand the team.

“We do not want to disrupt the existing market. Where we can, we are partnering with existing players like dealerships, service centres, fuel retailers, malls and even companies like MyGate for our services,” Lakhotia, a former vice president at Paytm, said.

Launched in July 2019, Park+ initially offered corporate parking solutions but the use case lost traction during the Covid-19 outbreak, pushing the company to pivot into a one-stop solution for car owners through a super app that it launched in 2021.

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“We acquire users through our use-cases. So, revenue streams are coming in from everywhere. We require capital to build use cases, finalise partnerships, and make users aware of the product,” he added.
Park+ offers services such as parking solutions, FASTag management, car insurance, automated vehicle access control systems, daily car wash and EV charging stations.

The latest fundraise gives Park+ an additional runway of 35-40 months, Lakhotia said.

The company has used less than 50% of the $25 million raised in the Series B round, he added.

“We have been very conservative in terms of how we have been spending money. Over the last three years, we have raised roughly $55 million, of which $30 million is still in the bank,” Lakhotia said.

The company said it currently has 6 million car owners on its platforms and is present in more than 25 cities.

“Park+ has identified and unlocked business opportunities within the auto-tech segment, which no one else was ready or willing to solve,” said Rishi Navani, managing partner at Epiq Capital. “Today, they host the largest community of car owners in India (60 lakh), a testament to the brand’s traction and acceptability among its users.”

Epiq Capital has backed startups including Lenskart, Dailyhunt, MSwipe and Pristyn Care.

The auto-tech category is poised for rapid transformation with cars becoming more digital and every car becoming a payment instrument with FASTag, said Rajinder Balaraman, managing director, Matrix Partners India.

“As a dominant market leader in a large and underserved market for access control, FASTag, parking and related auto-services categories, Park+ is well positioned to delight every car user in India through its platform,” he added.