Park+, app for car users, raises $25 mn from Sequoia, Matrix, Epiq

Park+, an app that serves car users, said it has raised about $25 million in a funding round led by Sequoia Capital India, Matrix Partners India and Epiq Capital.

Existing and new investors, including AdvantEdge, Fund II-A Series of Somani Investments LP and Motherson Lease Solution Limited, participated in the Series B round. Park+ helps in parking, FASTag management, car insurance and vehicle-access control systems, among other services.

The company will use the funds raised to strengthen its technology and build out solutions for cars and car owners. About 6 per cent of all cars in India are on Park+, said the company. It plans to scale that number to 15 per cent in the next three quarters with aggressive geographical expansion.