Bangalore Parking solutions platform Park+ has raised $25 million as part of its Series B funding round led by Sequoia Capital India, Matrix Partners India and Epic Capital.
Existing and new investors including AdventEdge, Fund II and Motherson Lease Solution Ltd also participated in the round, valuing Park+ at approximately $160 million.
The company said it plans to expand use cases on the app, introduce financial services, and expand into new geographies. Its solutions are deployed in six Indian cities, including Bengaluru and Delhi, and Park+ plans to expand its footprint to 25 cities over the next three months.
“Post-Covid, there has been a strong shift away from public transport and shared mobility, with increasing preference for private vehicles. Park+ is committed to revolutionize the way car related services are offered and managed in India. The continued trust of our investors will help us expand, hire and deploy efficient operational teams and build robust offerings on top of our existing services, providing a 360-degree experience for car owners across the country. Lakhotia, Founder and Chief Executive Officer (CEO), Park+.
Lakhotia said that about 450,000 cars are used by Park+ every day. Mint in an interview.
The two-year old Park+ provides a comprehensive ecosystem for car owners that addresses daily challenges including parking, FASTag management, car insurance, among others.
It has deployed its solutions in 1,500 societies, 30 malls and 150 corporate buildings to allow users to find parking. It also issues FASTag to the users and allows vehicles to cross the entry gate by applying Radio Frequency Identification (RFID) tag.
Apart from its partnerships with societies and corporations, the company also provides users with over 90,000 booking slots on its app.
“Park+ has quietly carved a niche for itself in the parking, FASTag and access control market and is now launching various services and subscriptions for its user base. Shailendra Singh, Managing Director, Sequoia India said, the company is focused on improving the everyday car experience of the user by leveraging automation in areas which were manual and tedious till now.
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