India-based parking solutions platform Park+ has received $25m in a series B round featuring equipment rental service Motherson Lease Solutions, the Economic Times reported on Wednesday.
The round, which valued the company at about $160m, was co-led by family office Epiq Capital and venture capital firms Sequoia Capital India and Matrix Partners India, and also backed by VC fund AdvantEdge Founders.
Park+ offers a mobile app that helps people find a parking space for their vehicles. It plans to use the capital to accelerate its expansion across India and internationally in addition to introducing new features to its platform.
Amit Lakhotia, founder and CEO of Park+, told ET: “We have scaled up four times in the last six to seven months and have about 90,000 parking slots on our platform. Post-covid, there is a strong shift away from public transport and shared mobility, with growing preference for personal vehicles.”
The company raised $11m in a series A round co-led by Sequoia Capital India and Matrix Partners India in January 2020. Angel investors Deep Kalra, Rajesh Magow, Ashish Hemrajani, Kunal Shah, Kunal Bahl and Rohit Bansal also participated in that round.