Car ownership solutions platform, Park+ has raised ₹140 crore in its Series C round led by Epic Capital II. Matrix Partners India and Sequoia Capital India also participated in the round.
The funds will be used to grow the app’s presence in over 100 cities and hire over 200 employees. It will also use this capital to expand the scope of its services for the next phase of growth.
The Park+ app went live in 2020 and today hosts a community of over 6 million car owners. It partners with various service providers including auto OEMs, EV OEMs, car insurers, after sales service providers, maintenance providers, car dealers and banks to serve the end user. Currently, it has its presence in more than 25 cities of the country.
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It had previously raised $25 million from Sequoia Capital India and Matrix Partners India.
Amit Lakhotia, Founder & CEO, Park+ said, “The confidence shown by our investors in this round is a reflection of their strong belief in our business model. Will continue to invest our energy in bringing joy to their cars, by strengthening and expanding our services, throughout the life cycle. Additionally, identifying and hiring talented individuals is an important part of our human resource expansion strategy shall remain.”
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Rishi Navani, Managing Partner, Epic Capital, said, “Park+ has identified and unlocked business opportunities in the auto-tech segment that no one else was ready or willing to address. We are excited to further deepen our partnership with Park+ and look forward to the journey ahead!”
“The auto-tech category is poised for rapid transformation with cars becoming more digital and FASTag becoming a payment instrument with every car. As a major market leader in a large and under-served market for access control, FASTag, parking and related auto-service categories, Park+ is well positioned to delight every car user in India through its platform is ready.” Partners India.