Park+ to raise over $16M in Series C round led by Epiq Capital II
The parking solutions startup will use the funds to expand its operations.
Parking solutions startup passed a resolution on Friday to raise over $16 million in a Series C round led by Epiq Capital II, according to Ministry of Corporate Affairs filings.
Eqip Capital will invest Rs 98.12 crore (about $12.05 million) while Matrix Partners and Sequoia Capital India will also join the round with Rs 16.35 crore (about $2.01 million) each.
The company will use the funds to expand its business operations.
Park+ recently partnered with Mooving, a battery-swapping service provider. It aims to set up over 2,000 swapping stations across Delhi NCR, Mumbai, and Bengaluru.
Last November, the company raised $25 million in a Series B round co-led by Sequoia Capital India, Matrix Partners India, and Epiq Capital.
Founded in July 2019, Park+ offers smart, cloud-based automated parking systems for B2B (business-to-business) establishments and daily commuters.
The company reported a widened loss of Rs 24.05 crore and a revenue of Rs 9.74 crore for FY21. It also installed over 1,000 EV chargers this year. Park+ says it has distributed over 20 lakh FASTags and has partnered with over 1,500 parking lots.
Edited by Affirunisa Kankudti