Gurugram-based Park+, a startup that runs a super app for car owners, has raised Rs 140 crore in a Series C funding round led by Epiq Capital, Matrix Partners India, and Sequoia Capital India.
According to the startup, the raised capital would be used to expand its presence to over 100 cities across its services, hire over 200+ people, and expand its services verticals.
The Series C round values the startup at $340 million, up from $155 million when it raised $25 million in October 2021 in the Series B round.
Launched in 2019 by former vice-president of Paytm Payments Amit Lakhotia, Park+ offers a slew of services such as parking, tracking challans, recharging FASTag, renewing insurance, and car cleaning and maintenance, among others.
Park+ said its app went live in 2020 and today hosts a community of 60 lakh car owners.
The startup is 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.
“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,” Amit Lakhotia said.
“We are excited to reinforce our partnership with Amit and Park+ through our investments. Amit’s pursuit for executional excellence and delivering customer delight to each and every Indian car owner is commendable. Park+ has identified and unlocked business opportunities within the auto-tech segment, which no one else was ready or willing to solve,” said Rishi Navani, Managing Partner at Epiq Capital.