Matrix-backed Park+ raises $17M in series C round
New Delhi, 11 January 2023: Park+, a super app for car owners, today announced the closure of its series C round where it raised $17M led by Epiq Capital II. Matrix Partners India & Sequoia Capital India also participated in the round. The funds will be utilized to expand Park+'s presence to over 100 cities and expand its services verticals, to supercharge its next growth phase.
Park+ took up car ownership related problems such as finding a parking spot, tracking challans, recharging FASTag, renewing insurance, car cleaning, car maintenance and made these services effortless. The Park+ app went live in 2020 and today hosts India's largest community of car owners (6 million) 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 & CEO said, "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. We today host the largest community of car owners in India- 60 Lakh cars, on our app. We will continue to invest our energies in bringing delight to our users (car owners), by strengthening and expanding our services to enhance the car ownership experience for them, throughout the life cycle of their car. Additionally, identifying and hiring talented individuals will remain an important part of our human resource expansion strategy.'
Rishi Navani, Managing Partner 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. 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!"
"The auto-tech category is poised for rapid transformation with cars becoming more digital and every car becoming a payment instrument with FASTag. As a dominant market leader in a large and underserved market for access control, FASTag, parking and related auto-services categories, Park+ is well positioned to delight every car user in India through its platform. We are excited to deepen our partnership with Amit and the Park+ team and look forward to the journey ahead' commented Rajinder Balaraman, Managing Director, Matrix Partners India.
Key Park+ milestones:
- Gurugram headquartered with 700+ employees across India
- Present in over 25+ Indian cities
- Recognized by LinkedIn as one of the top startups in India 2022
- Recognized by Forbes asia in their top 50 startups list 2022
- The most used '˜Car App' in India (max transactions)
- The largest car cleaning service provider in India
- The largest EV charger installers in India
- The largest discoverable parking slot inventory in India
- The largest access control player in India (residential/corporate parks)
- The largest (PV) FASTag distributor in India
Founded in 2019 by Amit Lakhotia, Park+ is a super app for car owners that solves the daily challenges faced by car owners - ranging from parking, FASTag management, car insurance, automated vehicle access control systems and EV charging stations. Backed by Sequoia Capital India and Matrix Partners, Park+ today hosts India's largest community of car owners on its platform. Park+ is present in 3,000+ residential societies, 250+ offices and 40+ malls across 25+ Indian cities, including Delhi NCR, Bangalore and Mumbai. For more information, please visit: https://parkplus.io/
About Matrix Partners India:
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), Razorpay (payments and SME Neobank), OfBusiness (B2B Commerce), Dailyhunt (mobile local language platform), OneCard (mobile-first credit card), Ola Electric (electric vehicles), DealShare (social commerce platform), Country Delight (D2C dairy & fresh foods brand), Stanza Living (tech enabled student housing platform), GoKwik (e-commerce enablement platform), Mosaic Wellness (health and wellness platform), W For Woman (ready to wear fashion label), Zupee (leading skill-based gaming app). Other marquee investments include MoEngage (SaaS), Jupiter (consumer neobank), Captain Fresh (seafood marketplace), Oxyzo (a tech-enabled smart financing solution provider), LiquiLoans (P2P lending) 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, check out the #MatrixMoments podcast series.
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