Funding Alert

Park+ initiates Series C round with $16 Mn led by existing investors

• ByStartupStory     |    December 5, 2022

The app Park+, which caters to car owners, has started its Series C round with $16 million, lead by previous investor Epiq Capital. After a year, the Gurugram-based business has raised a new round. 

According to the company’s regulatory filing with the Registrar of Companies, the Park+ board approved a special resolution to issue 5,280 Series C compulsory convertible preference shares (CCPS) at a price of Rs 247,776.53 per share to raise Rs 130.8 crore, or just over $16 million. 

According to the filings, the company will use the money to grow and expand its business operations. Epiq Capital invested Rs 98.12 crore ($12.05 million) to lead the Series C round. Along with them, Sequoia Capital and Matrix Partners contributed Rs 16.35 crore ($2.01 million) each to the round. 

Park+ is thought to be worth roughly $340 million. Since January 2020, more than $50 million has been raised. In this Series C round, the business may raise further capital. 

At a valuation of $160 million in November 2021, Sequoia Capital, Matrix Partners, and Epiq made a $25 million investment in the business. The company has also received investments from startup founders and angel investors Deepinder Goyal, Deep Kalra, Rajesh Magow, Ashish Hemrajani, Kunal Shah, Kunal Bahl, Rohit Bansal, and Ashneer Grover.

Launched by Amit Lakhotia, former vice president of Paytm Payments, Park+ offers a bouquet of services including car cleaning, parking at home, malls and offices, paying fines, insurance purchases, and car service and maintenance among others. The company aims to become a super app for car owners.

It has also forayed into ancillary services such as FASTags and EV charging networks. Park+ recently tied up with battery swapping provider Mooving to set up over 2,000 battery swapping stations across Delhi NCR, Mumbai, and Bengaluru. Park+ competes with IvyCap Ventures-backed GetMyParking, which raised $6 million in May last year.

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