Park+ raises ₹140 crore for biz expansion to over 100 cities, hire 200 people

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, 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 our 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 an access control business in 20 cities, a parking business in 10 cities, and a 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.

SEE ALSO:
BMW recalls over 14K electric cars over software malfunction that may increase crash risk
Reliance Jio launches its first 5G data pack – price, benefits, how to use