Jammu: Park Plus, a super app for car owners, on Tuesday announced the closure of its series C round by raising Rs 140 Crore led by Epiq Capital II.
Matrix Partners India and Sequoia Capital India also participated in the round. The funds will be utilized to expand Park+’s presence to over 100+ cities, to hire 200+ employees and expand its services verticals, to supercharge Park+’s next growth phase.
As per handout issued here, Park+ took up car ownership related problems, which no one was ready or willing to solve-such as finding a parking spot, tracking challans, recharging FASTag, renewing insurance, car cleaning, car maintenance and made these services effortless.
Park+ app went live in 2020 and today hosts India’s largest community of car owners – 60 Lakh, and is the best rated app in its category with a 4.6 rating.
Park+ is at the heart of the car ownership ecosystem, partnering with core service providers including- Auto OEMs, EV OEMs, car insurers, after sales service providers, maintenance providers, car dealers and banks to serve the end user in a seamless manner.
Commenting on the development, Amit Lakhotia, Founder and CEO said, “The confidence shown by our investors in this round is a reflection of their conviction in our business model.”
Managing Partner, Rishi Navani at Epiq Capital, said, “We are excited to reinforce our partnership with Amit and Park+ through our investments. Amit’s pursuit for executional excellence and delivering customer delight to each and every Indian car owner is commendable.”