Park+ Raises $25 Mn; To Introduce Car-Related Financial Services

SUMMARY

Co-led by Sequoia Capital India, Matrix Partners India and Epiq Capital, the Series B round also saw the participation of AdvantEdge, Fund II and Motherson Lease Solution, valuing Park+ at roughly $160 Mn

The startup plans to use the funds to increase use-cases on its app, hire for operations, introduce financial services such as car loans and insurance, as well as expand to 25 new geographies in India by FY22, and launch in Dubai and Singapore by CY23

Founded in 2019 by ex-Paytm VP Amit Lakhotia, Park+ helps car owners struggling with car parking, FASTag management, challans, car washing, and car insurance

Bengaluru-based Park+ which lets consumers book parking spots around cities, and offers auxiliary car-related services, has announced raising $25 Mn in funding co-led by Sequoia Capital India, Matrix Partners India and Epiq Capital.

The Series B round also saw the participation of AdvantEdge, Fund II and Motherson Lease Solution, valuing Park+ at roughly $160 Mn.

The startup plans to use the funds to increase use-cases on its app, hire for operations, introduce financial services such as car loans and insurance, as well as expand to 25 new geographies by FY22. It is also planning to launch in Dubai and Singapore by CY23.

Founded in 2019 by ex-Paytm VP Amit Lakhotia, Park+ helps car owners struggling with car parking, FASTag management, challans, car washing, car insurance with a comprehensive ecosystem.

Its solutions are currently deployed in six Indian cities including Bengaluru, Mumbai, Delhi NCR. However, Park+ now plans to expand its footprint across 25 cities in the next three months.

To date, Park+ has raised approx $37 Mn in funding, including this round from marquee investors and industry stalwarts including MMT’s Deep Kalra, BigTree’s Ashish Hemrajani, CRED’s Kunal Shah, and Snapdeal’s Kunal Bahl and Rohit Bansal.

It has deployed its solutions across 3K societies, 30 malls and 150 corporate buildings to allow users to find parking. In addition to its partnerships with societies and corporations, the company also offers users over 90,000 booking slots on its app.

Park+ real estate partners include Blackstone, Brookfield and Mindspace, allowing users to park on their properties. Its client base also includes Airtel’s head office in Gurugram, the Bandra-Kurla Complex, Mumbai, Select City Walk Saket, Delhi, Pacific Malls, among others.

Its partnerships with IDFC, Acko, BookMyShow, DineOut, MyGate, CarDekho, Spinny, among others, is to offer consumer experience across touchpoints in the four-wheeler ecosystem.

Currently, Park+ claims to have approximately 6% of cars registered on its platform. With this funding. It is planning to scale that number to 15% in the next three quarters with aggressive geographical expansion

According to MarketsandMarkets report, the automated parking systems market reached a value of $1.3 Bn in 2019 and was projected to grow at a compound annual growth rate (CAGR) of 13.1% from 2019 to 2027 to $3.6 Bn.

Apart from Park+, startups in the space include Get My Parking, ParkingRhino among others.