Park+ raises $25 million in Series B funding

CHENNAI: Park+, a super app for car users, has raised around $25 million 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.

Park+ plans to utilise the funds raised to strengthen its core technology and build out more solutions for cars and car owners. Around 6% of all cars in India are already on Park+ platform, the company said. With this capital infusion, the company is planning to scale that number to 15% in the next three quarters.

Founded by Amit Lakhotia, Park+ aims at solving the daily challenges faced by car owners ranging from parking, FASTag management, car insurance, to advanced and automated vehicle access control systems.

Park+ access control and parking automation solutions are deployed at prime locations including airports, malls and 3000+ residential apartment gates. Installations include properties of Blackstone,

Brookfield

and Mindspace real estate investment trusts, and other commercial properties. Park+ counts over two million installs of its app in less than 12 months, and said it has 90,000+ bookable spots in Delhi NCR, Mumbai and Bangalore.

The startup 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.


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