Car services firm Park+ raises Rs 140 cr in funding for business expansion

App helps in finding parking, tracking challans, recharging FASTag, car maintenance

Park+, an app for car owners, announced the closure of its series C round by raising Rs 140 crore (around $17 million) led by Epiq Capital II. Matrix Partners India & Sequoia Capital India also participated in the round.

The company said it will use the funds to expand in more than 100 cities, hire 200 employees and improve its verticals.

Park+ provides solutions such as finding parking, tracking challans, recharging FASTag, renewing insurance, cleaning and maintenance.

“The confidence shown by our investors in this round is a reflection of their conviction in our business model. We will continue to invest 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 Amit Lakhotia, founder and CEO of Park+.

“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," said Rishi Navani, managing partner at Epiq Capital.

“The auto-tech category is poised for rapid transformation with cars becoming more digital and every car becoming a payment instrument with FASTag. As a dominant market leader in a large and underserved market for access control, FASTag, parking and related auto-services categories, Park+ is well positioned to delight every car user in India through its platform,” said Rajinder Balaraman, managing director at Matrix Partners India.

Park+ previously raised $25 million co-led by Sequoia Capital India and Matrix Partners India.