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.

Share Market Live

NSE

The company plans to utilise the fund to expand its presence to over 100 cities, to hire more than 200 employees and expand its services verticals, Park+ said in a statement.

Speaking to CNBC-TV18, Lakhotia said, “Now, the idea is to build more use cases around car space, get into new geographies, as you correctly pointed out, we are in now 25 cities, we want to get to about close to about 100 cities now over a period of next 12 months, then go deeper into existing locations. Actually we are looking to hire close to about 200 people in the new businesses, in new geographies, to build all this for us.”

Park+ has over 700 employees across India.

Lakhotia said that the company has access control business in 20 cities, parking business in 10 cities, dealership business in 30 cities and the company will scale up across different verticals and touch 100 cities in the next 6-8 months.

Also read: Jobs 2023: Non-tech, 5G-fuelled telecom to dominate hiring

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.

Also read: Non-tech led hiring in Dec with high BFSI job volumes; IT still stagnant

On revenue generation from EV charging stations Lakhotia said, “We are probably today one of the biggest installer of EVs charges across country. More than 500 plus each charging hub have been put in by us in last six months on three cities. So every transaction there is some revenue model association. So we make revenue on all of these transactions.”

-With agency inputs

First Published:Jan 10, 2023 2:05 PM IST