Existing and new investors, including AdvantEdge, Somani Investments LP’s Fund II-A Series and Motherson Lease Solution Ltd., also participated in the fundraising. Park+ raised $11m last year in a Series A round, co-led by Sequoia Capital India and Matrix Partners India and a group of angel investors.
Founded in 2019 by Amit Lakhotia, Park+ is an ecosystem that solves the daily challenges faced by car owners, ranging from parking, FASTag management, car insurance, automated vehicle access control systems in shopping malls, business parks and residential apartments.
Park+ plans to use the funds raised to strengthen its technology and product development. With this capital injection, the company expects to grow its car market share from 6% to 15% over the next three quarters, alongside geographic expansion. It has a presence in major cities including Delhi NCR, Bangalore and Chennai.
Lakhotia said Park+ will hit an annualized revenue rate of $15 million by December 2022.
“We have grown four times in the last 6-7 months and have around 90,000 parking spaces on our platform. After Covid, there is a strong move away from public transport and shared mobility, with a growing preference for personal vehicles,” he said. said. Lakhotia previously held senior positions at companies including Paytm, Tokopedia, and MakeMyTrip.
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While the company started its activities by providing parking services, it expanded its offer after the Covid-19 pandemic. It works both with individuals and with companies that offer them car parks and other services. For Park+, 25 to 30% of its revenue comes from the parking service offer while the rest comes from others. The startup has 800 employees, 50% of whom are in sales and operations. He plans to add talent in the areas of technology, product and sales.
“Park+ has quietly built a dominant position in the parking, FASTag and access control market and is now launching various services and subscriptions for its user base,” said Shailendra Singh, Managing Director of Sequoia Capital India. “The company is focused on improving a user’s everyday automotive experience by leveraging automation in areas that have previously been manual and cumbersome.”