November 24, 2021. Delhi, India: Park+, the super app for car users, announced today that they have raised ~$25M in a Series B funding round co-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, also participated in the round.
Founded by Amit Lakhotia, Park+ is a comprehensive, one-stop ecosystem that solves the daily challenges faced by car owners ranging from parking, FASTag management, and car insurance, to advanced and automated vehicle access control systems in malls, corporate parks & residential apartments.
Park+ enabled MG to launch Astor as the world’s first car where users can book and pay for parking via the car's head unit infotainment system. As more OEMs shift towards Electric and Connected Vehicles, Park+’s solutions will set the default industry standard. Park+ has also established itself as the largest non-banking FASTag service provider in the country, with a presence across 600 cities/ towns in India.
Park+ access control and parking automation solutions are deployed at prime locations including airports, malls and 3000+ residential apartment gates. Installations include prominent properties of Blackstone, Brookfield and Mindspace real estate investment trusts, as well as Airtel head-office (Gurgaon), One BKC (Mumbai), Select City Walk Saket (Delhi), Pacific Malls (multiple locations) among others.
Park+ plans to utilise the capital raised to strengthen its core technology and build out innovative solutions for cars and car owners to solve all their pain points on a single platform. ~6% of all cars in India are already on Park+ platform. With this capital infusion, the company is planning to scale that number to 15% in the next 3 quarters with aggressive geographical expansion. It is also planning to drive a deeper consumer adoption of various services on the app by investing in the overall ecosystem for car owners.
On the announcement of Series B funding round, Amit Lakhotia, Founder & CEO, Park+ said, “Post Covid, there is a strong shift away from public transport and shared mobility, with growing preference for personal vehicles. Park+ is committed to revolutionize how car-related services are offered and managed in India. The continued trust of our investors will help us strengthen our plans of expansions, hire and deploy skilled operational teams and build strong offerings on top of our existing services, providing a 360-degree experience for car owners across the country.”
Shailendra Singh, Managing Director, Sequoia India, said “Park+ has quietly built a dominant position in the parking, FASTag and access control market and is now launching various services and subscriptions for their user base. The company is focused on improving a user’s everyday car experience by leveraging automation in areas that were so far manual and tedious. We are thrilled to see strong customer NPS and a growing network effects business, with the potential to dominate a completely new category that the company is helping to create.”
Avnish Bajaj, Founder & Managing Director, Matrix India, commented “Park+ has built a business in one of the most underserved segments in the country, underscoring the vast opportunity at hand. Their continued focus and immaculate execution on scaling products and services to drive a greater adoption of smart solutions in an operationally complex business is what makes Park+ stand out. We're excited to be deepening our partnership with Amit and look forward to the journey ahead!"
With 2M+ app installs in less than 12 months (most of which were marred with frequent lockdowns and work-from-home phases), Park+ has seen tremendous growth since its inception. It has 90,000+ bookable spots in Delhi NCR, Mumbai and Bangalore. Park+ customers’ experience gets enhanced across touchpoints owing to its collaboration with some established ecosystem players like IDFC, Acko, BookMyShow, DineOut, MyGate, CarDekho, Spinny etc. Park+ had previously raised $11M in Series A funding co-led by Sequoia Capital India and Matrix Partners India. Angel investors like Ashish Hemrajani (BookMyShow), Deep Kalra (MakeMyTrip), Kunal Shah (Cred), Ashneer Grover (BharatPe) and Kunal Bahl (Snapdeal) had also participated earlier.
Park+ is building India’s super app for car users by solving day-to-day problems faced by car users and bringing delight back to car ownership. The company has built technology-led solutions for parking, FASTag and access control in malls, corporate parks & apartments. Park+ allows users to discover, book and pay for Parking at ~90,000 slots across India.
The company is led by Amit Lakhotia, an alumnus of IIM Ahmedabad and NSIT. Amit has previously built 3 multi-billion dollar businesses and is credited with building Paytm’s payments business from scratch. Besides, Amit joined MakeMyTrip and Tokopedia at a very early stage and built significant sized businesses in these unicorns.
Park+ enabled MG Astor to become the world’s first car where users can book and pay for parking via the car's head unit infotainment system. Park+ access control and parking automation solutions are deployed at prominent locations including Blackstone (Mumbai), Brookfield, Mindspace, Airtel HO (Gurgaon), One BKC (Mumbai), Select City Walk (Saket, Delhi), 3000+ residential apartment gates. To know more, please visit the official website: www.parkplus.io
About Epiq Capital:
Epiq Capital is a premier growth and later stage India tech investment firm. The firm partners with exceptional entrepreneurs over the long term to scale companies into large, sustainable enterprises. The team has over two decades of India investing and operating experience including investments in Lenskart, Dailyhunt, Curefit, Pristyncare and Teachmint. Further information is available at www.epiqcapital.com and for further inquiries please contact email@example.com.
About Sequoia Capital India:
Sequoia helps daring founders build legendary companies, from idea to IPO and beyond. Sequoia India operates in Southeast Asia and India where we actively partner with founders from a wide range of companies, across categories, including BYJUs, Carousell, Druva, Gojek, OYO Rooms, Tokopedia, Truecaller, Zilingo, Zomato and more.
We spur founders to push the boundaries of what’s possible. In partnering with Sequoia, startups benefit from close to 50 years of tribal knowledge and lessons learned working with companies like Airbnb, Alibaba, Apple, Dropbox, Google, LinkedIn and Stripe early on.
From the beginning, universities, endowments and other non-profits have been the backbone of our investor base, which means founders’ accomplishments make a meaningful difference. For more information on Sequoia’s work in India and SE Asia, visit www.sequoiacap.com/india
About Matrix Partners India:
Matrix Partners India is an investment firm with approximately $1 billion under management. Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early, and early growth stages. Matrix India has invested in several market-leading companies such as Ola (mobility), Dailyhunt (mobile local language platform), Razorpay (payments), OfBusiness (B2B Commerce, Fintech), Five Star Business Finance (SME lending), Ola Electric (electric vehicles), Stanza Living (tech-enabled student housing platform), OneCard (mobile-first credit card), Country Delight (D2C dairy & fresh foods brand), DealShare (social commerce platform), Jupiter (consumer Neobank), Mswipe (mobile POS), and Zupee (leading skill-based gaming app) among others. Matrix India has advisory offices in Bangalore, Delhi, and Mumbai. Matrix Partners has a global network of funds investing in the US, China, and India, with approximately $5 billion under management. Further information is available at www.matrixpartners.in. To know more about our investment philosophy & ideologies, check out the #MatrixMoments podcast series.