Parking solutions startup Park+ passed a resolution on Friday to raise over $16 million in a Series C funding round led by Eqip Capital II, as per the Ministry of Corporate Affairs filings.

Eqip Capital will invest Rs 98.12 crore (about $12.05 million). Matrix Partners and Sequoia Capital India will also join the round while contributing Rs 16.35 crore (about $2.01 million) each. Park+ will use the funding to expand its business operations. Recently, the company partnered with Mooving, a battery-swapping service provider.

Park+ aims to set up over 2,000 swapping stations across Delhi NCR, Mumbai and Bengaluru. The company raised $25 million in a Series B round co-led by Sequoia Capital India, Matrix Partners India and Epiq Capital last November.

Founded in July 2019, Park+ offers smart, cloud-based automated parking systems for B2B establishments and daily commuters. The company reported a widened loss of Rs 24.05 crore and a revenue of Rs 9.74 crore in FY21. Park+ says it has distributed over 20 lakh FASTags and has partnered with over 1,500 parking lots. Moreover, the company also installed over 1,000 EV chargers this year.

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