Park+ is a car-owners-focused app that aggregates services across the car ownership lifecycle, including parking, challan tracking, FASTag recharges, insurance renewal, car cleaning and maintenance. Launched by Amit Lakhotia in 2019, the app went live in 2020 and currently hosts roughly 60 lakh car owners on its platform. The company positions itself as a superapp for car owners and has expanded service verticals to address daily ownership problems. Park+ plans to use new capital to expand its presence to over 100 cities, hire about 200 employees, and broaden its services offerings. Financially, the company has raised about $55 million to date and completed a new funding round in which its valuation doubled. The Gurugram-based startup is leveraging its large user community and investor backing to scale operations and service coverage across India. Park+ is an app that serves car users with services including parking, FASTag management, car insurance and vehicle-access control systems. The company helps car owners manage multiple vehicle-related needs through its platform. It said it will use the funds raised to strengthen its technology and build out solutions for cars and car owners. About 6 per cent of all cars in India are on Park+. The funding round reported in the article is a Series B of about $25 million led by Sequoia Capital India, Matrix Partners India and Epiq Capital. Existing and new investors, including AdvantEdge, Fund II-A Series of Somani Investments LP and Motherson Lease Solution Limited, participated in the round. Park+ offers a mobile app–based smart parking automated system and a cloud-based security solution that enables parking discovery, booking, payment and tracking for daily commuters, corporates and commercial establishments. The company positions itself as a tech-enabled platform providing seamless, real-time parking experiences. Park+ was founded in July 2019 by Amit Lakhotia, a founder and operator who previously helped build and scale MakeMyTrip, Paytm and Tokopedia. At the time of the article the company was in a development phase and planned to launch its app shortly. The startup targets dense Indian cities where parking infrastructure is inadequate relative to vehicle density; the article notes India has close to 50 million registered cars with about 70% concentrated in the top 15 cities. No revenue or user metrics were disclosed in the article.

Total raised

$53M

Funding rounds

3

Latest round

Series C

Latest activity

Jan 2023