Park + raises $ 25 million in funding from Sequoia Capital India, others, Auto News, ET Auto
New Delhi:Park +, a super app for car users, said on Wednesday it had raised around $ 25 million (around Rs 186 crore) in funding, 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, have also participated in Series B, according to a statement.
Park + plans to use the funds to bolster its core technology and create innovative solutions for cars and car owners that can solve all of their problems on one platform, he added.
The company is also envisioning aggressive geographic expansion and deeper consumer adoption of various on-app services by investing in the overall car owner ecosystem.
Park + previously raised $ 11 million in a Series A financing 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) also participated earlier.
After COVID, there is a strong abandonment of public transport and shared mobility, with a growing preference for personal vehicles, said Park + founder and CEO Amit Lakhotia.
“Park + is committed to revolutionizing the way automotive related services are delivered and managed in India. The continued confidence of our investors will help us to strengthen our expansion plans, hire and deploy skilled operational teams and create strong offerings in addition to our existing services, providing a 360 degree experience for car owners across the board. country, ”he added.
Founded by Amit Lakhotia, Park + is a complete, one-stop-shop ecosystem that solves the daily challenges faced by car owners, ranging from parking, FASTag management, auto insurance, to advanced and automated access control systems. vehicles in shopping malls, business parks and residential apartments.
Park + has established itself as one of the largest non-bank FASTag service providers in the country, with a presence in 600 cities and towns in India.
Park + access control and parking automation solutions are deployed in prime locations, including airports, shopping centers and over 3,000 residential apartment portals.
Facilities include leading properties of Blackstone, Brookfield and Mindspace real estate investment trusts, as well as the head office of Airtel (Gurgaon), One BKC (Mumbai), Select City Walk Saket (Delhi), Pacific Malls (multiple locations ), among others.