Park+ has raised INR 140 Cr ($17 Mn) as part of a Series C funding round led by existing investors Epiq Capital, Matrix Partners India and Sequoia India. The firm has a post-fundraise valuation of about $340 million.
The startup will utilize the cash to boost its density in current geographies and to extend its reach to more than 100 cities by 2023 alone, as per reported by Inc42.
“We will continue to invest our energies in bringing delight to our users (car owners), by strengthening and expanding our services to enhance the car ownership experience for them, throughout the life cycle of their car. Additionally, identifying and hiring talented individuals will remain an important part of our human resource expansion strategy,” said chief executive officer (CEO) and founder Amit Lakhotia.
As part of its objective to link commuters to safe, secure, and digital parking places around the nation, Park+ has since extended to include a secure area for meeting people’s demands for automobiles.
Rishi Navani, the Managing Partner at Epiq Capital, said, “Park+ has identified and unlocked business opportunities within the auto-tech segment, which no one else was ready or willing to solve… We are excited to be deepening our partnership with Park+ and look forward to the journey ahead!”
Park+ is a fantastic automotive app that can be used to identify and reserve parking, recharge FASTag, perform daily car maintenance, read e-challans, monitor the health of your vehicle, purchase and renew insurance, and much more. Amit Lakhotia founded the startup in 2019 with the intention of revolutionising the way middle-class and upper-class Indians park their cars.