Update: Car owners-focused app Park+ has raised $17 million (about Rs 140 crore) in its Series C round, led by existing investors Epiq Capital, Sequoia Capital and Matrix Partners.
Original story follows:
Car owners-focused app Park+ has initiated its Series C round with $16 million led by existing investor Epiq Capital. The new round has come after a year for the Gurugram-based startup.
The board at Park+ has passed a special resolution to issue 5,280 Series C compulsory convertible preference shares (CCPS) at an issue price of Rs 247,776.53 per share to raise Rs 130.8 crore or a little over $16 million, as per the company’s regulatory filing with the Registrar of Companies (RoC).
The company will utilize the funds for the purpose of growth and expansion of its business operations, the filings added.
Epiq Capital has spearheaded the Series C round by infusing Rs 98.12 crore ($12.05 million). Sequoia Capital and Matrix Partners have also joined the round and poured in Rs 16.35 crore ($2.01 million) each.
As per Fintrackr’s estimates, Park+ is valued at around $340 million. It has raised over $50 million since January 2020.
The company may raise more funds in this Series C round.
In November 2021, Sequoia Capital and Matrix Partners, and Epiq invested $25 million in the company at a valuation of $160 million. Angel investors and startup founders including Deepinder Goyal, Deep Kalra, Rajesh Magow, Ashish Hemrajani, Kunal Shah, Kunal Bahl, Rohit Bansal, and Ashneer Grover have also invested in the firm.
Launched by Amit Lakhotia, former vice president of Paytm Payments, Park+ offers a bouquet of services including car cleaning, parking at home, malls and offices, paying fines, insurance purchases, and car service and maintenance among others. The company aims to become a super app for car owners.
It has also forayed into ancillary services such as FASTags and EV charging networks. Park+ recently tied up with battery swapping provider Mooving to set up over 2,000 battery swapping stations across Delhi NCR, Mumbai, and Bengaluru.
Park+ competes with IvyCap Ventures-backed GetMyParking, which raised $6 million in May last year.