Park+, an app that serves car users, said it has raised about $25 million in a funding round 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, participated in the Series B round. Park+ helps in parking, FASTag management, car insurance and vehicle-access control systems, among other services.
The company will use the funds raised to strengthen its technology and build out solutions for cars and car owners. About 6 per cent of all cars in India are on Park+, said the company. It plans to scale that number to 15 per cent in the next three quarters with aggressive geographical expansion.
“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,” said Amit Lakhotia, founder and chief executive officer of Park+.
Park+ enabled MG to launch Astor as the world’s first car where users can book and pay for parking using the car's head-unit infotainment system. Park+ has also established itself as the largest non-banking FASTag service provider in India, with a presence across 600 cities and towns.
“Park+ has built a business in one of the most underserved segments in the country, underscoring the vast opportunity at hand,” said Avnish Bajaj, founder and managing director, Matrix India.
“Park+ has quietly built a dominant position in the parking, FASTag and access control market and is now launching various services and subscriptions for their user base,” said Shailendra Singh, Managing Director, Sequoia India.
With over 2 million app installs in less than 12 months, Park+ said it has seen tremendous growth since its inception. It has over 90,000 bookable spots in Delhi NCR, Mumbai and Bangalore.