Park+, an application that helps car owners, has closed its series C round led by Epiq Capital II and raised Rs 140 crore. The round was also attended by Sequoia Capital India and Matrix Partners India.
The company stated that it would use the funds to expand its operations in more than 100 cities and hire 200 employees. Park+ offers solutions like parking, tracking, maintenance, renewal of insurance, cleaning, and recharging FASTag.
“The confidence displayed by our investors during this round is a reflection on their belief in our business model. We will continue to invest in strengthening and expanding our services to improve the car owner experience throughout their car’s life.” Park+ founder and CEO Amit Lakhotia stated that the company will continue to invest in human resources by identifying and hiring talented people.
“Park+ has unlocked business opportunities in the auto-tech sector that no one else was willing or able to solve,” said Rishi Navani, managing partner at Epiq Capital. They now host the largest Indian car owner community (60 lakh), which is a testimony to their traction and acceptance among its users,” Rishi Navani, Epiq Capital’s Managing partner.
The auto-tech sector is set for rapid change with cars becoming more digitally connected and every car becoming an FASTag payment instrument. Park+, a market leader in India’s large and underserved access control market, is well-positioned to delight all car users in India by its platform,” stated Rajinder Balaraman (Managing Director at Matrix Partners India).
Park+ raised previously $25 million from Sequoia Capital India as well as Matrix Partners India.