Park+ Raises INR 140 Crore In series C Funding
The funds will be utilized to expand Park+'s presence to over 100 cities, to hire more than 200 employees and expand its services verticals, to supercharge Park+'s next growth phase
Park+, a super app for car owners, today announced the closure of its series C round by raising INR 140 crore led by Epiq Capital II. Matrix Partners India and Sequoia Capital India also participated in the round. The funds will be utilized to expand Park+'s presence to over 100 cities, to hire more than 200 employees and expand its services verticals, to supercharge Park+'s next growth phase.
"The confidence shown by our investors in this round is a reflection of their conviction in our business model. At Park+ we took up car ownership related problems, which no one was ready or willing to solve. We today host the largest community of car owners in India- 60 Lakh cars, on our app. 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," said Amit Lakhotia, Founder and CEO.
Park+ app went live in 2020 and today hosts India's largest community of car owners - 60 Lakh, and is the best rated app in its category with a 4.6 rating. Park+ is at the heart of the car ownership ecosystem, partnering with core service providers including- Auto OEMs, EV OEMs, car insurers, after sales service providers, maintenance providers, car dealers and banks to serve the end user in a seamless manner, according to a statement by the company.
"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. Today they host the largest community of car owners in India (60 lakh), a testament to the brand's traction and acceptability among its users. We are excited to be deepening our partnership with Park+ and look forward to the journey ahead," said Rishi Navani, managing partner at Epiq Capital.
Founded in 2019 by Amit Lakhotia, Park+ is a super app for car owners that solve the daily challenges faced by car owners - ranging from parking, FASTag management, car insurance, automated vehicle access control systems and EV charging stations.