BENGALURU: Park+, a automotive owners-focused app, stated it has raised ₹140 crore, closing its Collection C spherical, led by present buyers Epiq Capital, Matrix Companions India and Sequoia Capital India.
The funds might be utilised to develop its presence to over 100 cities throughout its companies, rent round 200 workers and develop its companies verticals.
The recent funding has doubled the valuation of the Gurugram-based startup to $340 million, up from $155 million when it raised $25 million in October 2021, in Collection B funding.
Launched by Amit Lakhotia, former vice-president of Paytm Funds, in 2019, Park+ has raised about $55 million to date.
“The arrogance proven by our buyers on this spherical is a mirrored image of their conviction in our enterprise mannequin. At Park+, we took up automotive ownership-related issues, which nobody was prepared or keen to resolve. Regardless of the funding winter, and never a lot advertising spend, we’ve raised the capital,” Lakhotia, founder and CEO of Park+, stated in an interview.
“We’re constructing a superapp for automotive house owners. The concept was to resolve for the each day points that automotive house owners face, from automotive wash to parking. Now we have been increasing our companies to reinforce the automotive possession expertise for them, all through the life cycle of their automotive,” added Lakhotia.
“…Park+ has recognized and unlocked enterprise alternatives throughout the auto-tech section, which nobody else was prepared or keen to resolve. In the present day they host the biggest neighborhood of automotive house owners in India (60 lakh), a testomony to the model’s traction and acceptability amongst its customers,” stated Rishi Navani, managing associate, Epiq Capital.
Park+ provides a slew of companies resembling parking, monitoring challans, recharging FASTag, renewing insurance coverage, automotive cleansing and upkeep amongst others. The app went stay in 2020 and at the moment has roughly 60 lakh automotive house owners on its platform.
“The auto-tech class is poised for speedy transformation with automobiles turning into extra digital, and each automotive turning into a cost instrument with FASTag. As a dominant market chief in a big and underserved marketplace for entry management, FASTag, parking and associated auto-services classes, Park+ is effectively positioned to thrill each automotive person in India by its platform,” Rajinder Balaraman, managing director, Matrix Companions India stated.
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