Park+ Raises Around $25 Million In Series B Funding

The funding was led by Sequoia Capital India, Matrix Partners India, Epiq Capital, among others

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Park+, the super app for car users, has raised  around $25 million in its Series B funding led by Sequoia Capital India, Matrix Partners India and Epiq Capital. The round also witnessed participation from AdvantEdge, Fund II - A Series of Somani Investments LP and Motherson Lease Solution Limited.

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Founded by Amit Lakhotia, Park+ is a comprehensive, one-stop ecosystem that solves the daily challenges faced by car owners ranging from parking, FASTag management, car insurance to advanced and automated vehicle access control systems in malls, corporate parks  and residential apartments, said a statement.

“Post Covid, there is a strong shift away from public transport and shared mobility, with growing preference for personal vehicles. Park+ is committed to revolutionize how car-related services are offered and managed in India. The continued trust of our investors will help us strengthen our plans of expansions, hire and deploy skilled operational teams and build strong offerings,” said Amit Lakhotia, founder and  CEO of  Park+.

“Park+ has built a business in one of the most underserved segments in the country, underscoring the vast opportunity at hand. Their continued focus and immaculate execution on scaling products and services to drive a greater adoption of smart solutions in an operationally complex business is what makes Park+ stand out, we're excited to be deepening our partnership with the company," said Avnish Bajaj, founder and managing director, Matrix India.