India: Parking solutions platform Park+ raises $25m co-led by Sequoia, Matrix

Photo: Reuters

Parking solutions platform Park+ has raised $25 million as part of its Series B funding round led by Sequoia Capital India, Matrix Partners India, and Epiq Capital.

Existing and new investors, including AdvantEdge, Fund II, and Motherson Lease Solution Ltd, also participated in the round, which values Park+ at roughly $160 million.

The company said it plans to increase use cases on the app, introduce financial services, and expand to newer geographies. Its solutions are deployed in six Indian cities, including Bengaluru and Delhi and Park+ plans to expand its footprint across 25 cities in the next three months.

“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 for expansion, hiring and to 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,” said Amit Lakhotia, founder and chief executive officer (CEO), Park+.

Close to 450,000 cars go through solutions deployed by Park+ daily, Lakhotia told Mint in an interview.

Two-year old Park+ provides a comprehensive ecosystem for car owners that solves daily challenges across parking, FASTag management, car insurance, among others.

It has deployed its solutions across 1,500 societies, 30 malls and 150 corporate buildings to allow users to find parking. It also issues FASTag to users and allows vehicles to seamlessly cross entry gates through deploying radio frequency identification (RFID) tags.

In addition to its partnerships with societies and corporations, the company also offers users more than 90,000 booking slots on its app.

“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,” said Shailendra Singh, managing director, Sequoia India.

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.