The pandemic had crippled mobility businesses of all shapes and sizes. However, the space has recovered from the disruption as the majority of them have re-gained pre-covid volume peaks and are now growing further. This could be observed from the faith of investors who have returned to back Ola, Ola Electric and Rapido among others.
Car owners-focused app Park+ also pulled off a $25 million worth Series B round co-led by three existing backers: Sequoia Capital, Matrix Partners and Epiq Capital. AdvantEdge, Somani Investments and Motherson Lease also participated in the round.
While Park+ didn’t disclose its valuation, according to Entrackr sources: the company has been valued at over $160 million in this round (post-money).
Started as a smart parking solution in 2019, Park+ has been building an ecosystem to weed out multiple pains related to cars such as parking, FASTag management and insurance.
Park+ will utilise proceeds to strengthen its technology and increase its market share. Currently, it claims 6% of the entire cars population in the country and Park+ is eyeing to increase this to 15% by August, the company said in a press statement.
Besides airports, malls and corporate parks, its core business claims to have enabled smart parking solutions at 3,000 apartments. According to Park+, it has 2 million downloads and 90,000 bookable parking spots in NCR, Mumbai and Bengaluru.
This is the second institutional round for the Delhi-based firm. In 2020, Park+ has secured an $11 million Series A round from Sequoia, Matrix and angels: Deep Kalra, Rajesh Magow, Ashish Hemrajani, Kunal Shah, Kunal Bahl, Rohit Bansal and Ashneer Grover.
Park+ competes with GetMyParking which had raised $6 million Series A led by IvyCap Ventures and several others. While these two companies are early evangelisers in their space in India, SpotHero and ParkWhiz have been in the US for over a decade.