Super App Park+ bags Rs 140 crore in Series C funding round led by Sequoia Capital India, others

• ByStartupStory     |    January 10, 2023

Park+, a super app for car owners, has raised Rs 140 crore in a Series C funding round led by Epiq Capital, Matrix Partners India, and Sequoia Capital India. 

The Gurugram-based startup said in a statement that the funding will be used to expand Park+’s presence to over 100 cities, hire 200+ employees, and expand its service verticals to supercharge Park+’s next growth phase.

“We will continue to invest our energies in bringing delight to our users (car owners) by strengthening and expanding our services to enhance the car ownership experience for them, throughout the life cycle of their car. Additionally, identifying and hiring talented individuals will remain an important part of our human resource expansion strategy,” Founder and CEO Amit Lakhotia said.

“We are excited to reinforce our partnership with Amit and Park+ through our investments. Amit’s pursuit for executional excellence and delivering customer delight to each and every Indian car owner is commendable. 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. 

According to Rajinder Balaraman, Managing Director, Matrix Partners India, the autotech category is poised for rapid transformation with cars becoming more digital and every car becoming a payment instrument with FASTag. 

“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,” added Rajinder.

Amit Lakhotia founded Park+ in 2019 to solve car ownership-related problems such as finding a parking spot, tracking challans, recharging FASTag, renewing insurance, car cleaning, car maintenance, and so on.Currently, Park+ can be found in over 3,000 residential societies, 250 offices, and 40 malls in 25 Indian cities, including Delhi NCR, Bengaluru, and Mumbai.

The Startup has previously raised $25 million co-led by Sequoia Capital India and Matrix Partners India.

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