Park+, a super app for car owners, today announced the closure of its series C round by raising Rs 140 crore led by Epiq Capital II, Matrix Partners India and Sequoia Capital India. The funds will be utilised to expand Park+’s presence to over 100+ cities, to hire 200+ employees and expand its services verticals, to supercharge Park+’s next growth phase.
Park+ took up car ownership related problems, such as finding a parking spot, tracking challans, recharging FASTag, renewing insurance, car cleaning, car maintenance and made these services effortless. Park+ app went live in 2020 and today hosts a sizeable community of car owners – 60 Lakh. Park+ is at the heart of the car ownership ecosystem, partnering with core service providers including- Auto OEMs, EV OEMs, car insurers, after sales service providers, maintenance providers, car dealers and banks to serve the end user in a seamless manner.
Commenting on the development, Amit Lakhotia, Founder and CEO said, “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.”
Rishi Navani, 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. Today they host the largest community of car owners in India (60 lakh), a testament to the brand’s traction and acceptability among its users. We are excited to be deepening our partnership with Park+ and look forward to the journey ahead!”