Car services management app Park+ on Tuesday said it has raised Rs 140 crore in a funding round led by Epiq Capital, Matrix Partners India and Sequoia Capital India.
The company plans to utilise the fund to expand its presence to over 100 cities, to hire more than 200 employees and expand its services verticals, Park+ said in a statement.
"The fund (Rs 140 crore) that we have raised will help us in strengthening our team and expanding presence to over 100 cities. The part of the fund will be used for launching more used cases," Park+ Founder and CEO Amit Lakhotia told PTI while sharing details of the funding.
Park+ has over 700 employees across India.
Lakhotia said that the company has access control business in 20 cities, parking business in 10 cities, dealership business in 30 cities and the company will scale up across different verticals and touch 100 cities in the next 6-8 months.
The company helps users find a parking spot, track challans, recharge FASTag, renew insurance, car cleaning, car maintenance etc.
Lakhotia said that the company has been making money since the beginning of the business and expects operational profit in the next financial year.
"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," Epiq Capital, Managing Partner, Rishi Navani said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app