Sequoia-backed Park+ revenue shoots up over 5X in FY22

Park+ has grown at a rapid clip during the last two fiscal years, as reflected by a nearly fourteen-fold growth in its operating scale between FY20 and FY22.

The startup’s revenue from operations ballooned 5.3X to Rs 36.4 crore in FY22 as compared to Rs 6.9 crore in FY21, according to its consolidated financial statement with the Registrar of Companies.

During FY22, the company had also scooped up $25 million in a Series B round co-led by Sequoia Capital, Matrix Partners and Epiq Capital.

The Gurugram-based startup collected 75% of its income from smart parking and security solution services, while the rest came from the sale of traded goods. Other than operating income, it also earned Rs 4.93 crore from the treasury (finance income) in FY22.

Founded by Amit Lakhotia, former vice president of Paytm Payments, Park+ started with an on-the-go car parking service, and later diversified to include more services such as cleaning,  insurance renewal, and challan payment, among others. The company is also eyeing the electric car segment as it recently partnered with Mooving to set up over 2,000 battery swapping stations across Delhi NCR, Mumbai, and Bengaluru.

Park+ currently has more than 650 employees, according to the company’s details on LinkedIn. While these numbers were lower at the end of FY22, its employee related expenses were the largest cost center, forming 53.7% of the total expenses in the said period.

This cost jumped 2.2X to Rs 54.27 crore in FY22 from Rs 24.11 crore in FY21. The company also spent Rs 15.45 crore on “outsourced support” in the same period.

Park+ incurred promotional expenses of Rs 6.8 crore during the year, while operating expenses including super tags, FASTag, dealer reimbursement et al collectively stood at Rs 3.77 crore in FY22.

In total, Park +’s annual expenditure shot up 3X to Rs 101 crore in FY22 as compared to Rs 33.35 crore in FY21. Akin to the rise in expenses, its losses also ballooned 2.5X to Rs 60 crore in FY22 against Rs 24 crore in FY21. On a unit level, Park+ spent Rs 2.77 to earn a rupee of operating revenue in FY22.

Park+ has raised around $53 million to date and was valued at around $340 million in the last round. Entrackr had exclusively reported about the funding round in December last year. Park+ competes with IvyCap Ventures-backed GetMyParking, which raised $6 million in May last year.