Despite the funding winter, Park+ app raises Rs.140 crores in series C funding

Park+ is a super app for car owners to find parking space, recharge fastag and many more. Amidst the funding winter when most of the startups globally are facing funding crisis and difficulty raising the next round, Park+ has raised $17 million (Rs.140 crores) from Sequoia Capital India, Equip Capital and Matrix Partners India. The round saw its valuation more than doubling to $340 million from $155 million in its last funding round in 2021.

The funds will be utilised to expand its presence to over 100 cities across its services, hire around 200 employees and expand its services verticals.

Launched by Amit Lakhotia, former vice-president of Paytm Payments, in 2019, Park+ has raised about $55 million so far.

“The confidence shown by our investors in this round is a reflection of their conviction in our business model. At Park+, we took up car ownership-related problems, which no one was ready or willing to solve. Despite the funding winter, and not much marketing spend, we have raised the capital,” Lakhotia, founder and CEO of Park+, said in an interview.

“We are building a superapp for car owners. The idea was to solve for the daily issues that car owners face, from car wash to parking. We have been expanding our services to enhance the car ownership experience for them, throughout the life cycle of their car,” added Lakhotia.

“…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, Epiq Capital.