Amit Lakhotia, the founder and CEO of Park+, stated that the company currently operates in over 30 locations, and aims to expand to 100 cities by 2024.
The company supported by Epiq Capital has raised USD 55 million in funding so far for its operation, which is enough to cover both anticipated expansion and ongoing operations.
"We want every service related to cars and car owners to be available on our platform. We are providing parking, car cleaning and repair services etc through the app. Roughly every 4th car in India is on Park+. We expect to turn profitable by the January-March 2024 quarter," Lakhotia said.
He further added, “Park+ has services now available at over 7,000 locations in 30 cities and there is no user acquisition cost now for the company. "We expect to post revenue of Rs 200 crore this fiscal. We expect next financial year to be the first year of profitability for us.”
For the fiscal year 2022–2023, the company reported sales of Rs 103 crore and a loss of about Rs 99 crore. Park+ offers the installation of automatic gate barriers that facilitate cars to enter and exit communities and commercial buildings. To meet the needs of car owners, the company also offers services like car washing, car financing, FASTag, and many other services.
"We are looking to grow our customer base by adding more services like roadside assistance, insurance services, electric vehicle charging etc that are related to cars. Later we are looking to deploy connected car services and automate every service that can ease a car owner's life," Lakhotia said.
He also said that commercial real estate partners have started bundling the company's services in cities where they currently operate. "We are seeing aspirations of people even in smaller cities increasing. People in smaller towns are looking for a gated society which is driving our geographic expansion. We are seeing demand for automation in smaller cities like Gorakhpur, Bhilwara etc," he said.
Currently, the company employs more than 700 people. According to Lakhotia, the business plans to bring on 300–400 more staff members to help with its growth plans.