Private Equity Fund Investments
Parking solutions app Park+ raises $25-M from Sequoia India, Matrix Partners, others
Gurugram-based parking solutions platform Park+ has raised USD 25 million as part of its Series B funding round led by Sequoia Capital India, Matrix Partners India, and Epiq Capital. Existing and new investors, including AdvantEdge (via its Fund II) and Motherson Lease Solution Ltd, also participated in the round, which values Park+ at about USD 160 million. Two-year old Park+ provides an ecosystem for car owners that solves daily challenges across parking, FASTag management and car insurance, among others. The company will use the funds to increase use cases on the app, introduce financial services, and expand to newer geographies. Its solutions are currently available in six cities, including Bengaluru and Delhi. Park+ plans to expand its footprint across 25 cities in the next three months.
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