Park+ raises ₹140 cr in Series C round, valuation doubles

The funds will be used to expand its presence in its services to over 100 cities, hire around 200 employees and expand the scope of its services.

The fresh funding has doubled the valuation of the Gurugram-based startup to $340 million, from $25 million in Series B funding raised in October 2021 to $155 million.

Launched in 2019 by Amit Lakhotia, former vice president of Paytm Payments, Park+ has raised around $55 million so far.

“The confidence shown by our investors in this round is a reflection of their strong belief in our business model. At Park+, we took on car ownership problems that no one else was ready or willing to solve. Founder of Park+ And CEO Lakhotia said in an interview, “Despite the winding winter, and not much marketing spend, we have raised capital.”

“We are building a superapp for car owners. The idea was to solve the daily problems faced by car owners, from car washing to parking. Expanding our services to enhance the ownership experience.

“…Park+ has identified and unlocked business opportunities within the auto-tech segment that no one else was ready or willing to solve. Today they host the largest community of car owners in India (6 million), which is a testimony to the brand’s appeal and acceptance among its users,” said Rishi Navani, Managing Partner, Epic Capital.

Park+ offers a host of services like parking, challan tracking, FASTag recharge, insurance renewal, car cleaning and maintenance. The app went live in 2020 and currently has around 6 million car owners on its platform.

“The auto-tech category is poised for rapid transformation with cars becoming more digital and FASTag for every car becoming a payment instrument. As a major market leader in a large and under-served market for access control, FASTag, parking and related auto-service categories, Park+ is well positioned to delight every car user in India through its platform is ready,” said Rajinder Balaraman, managing director, Matrix Partners India.