Park+, the car care services startup, is on track to achieve profitability in the January-March 2024 quarter and is set to close the current fiscal year with revenue exceeding Rs 200 crore, as per a senior company official. Backed by Epiq Capital, Park+ Founder and CEO, Amit Lakhotia, stated that the company presently operates in around 30 cities and has ambitious plans to expand its footprint to over 100 cities by 2024.
The company, which has raised $55 million to date, aims to offer a comprehensive range of services related to cars and car owners on its platform. Lakhotia emphasized that Park+ is providing services such as parking, car cleaning, and repair through its app and envisions every fourth car in India utilizing Park+. With services available at over 7,000 locations in 30 cities, the company anticipates posting revenue of Rs 200 crore in the current fiscal year.
“We expect the next financial year to be the first year of profitability for us,” Lakhotia mentioned. While Park+ recorded a loss of approximately Rs 99 crore and revenue of Rs 103 crore in the financial year 2022-23, the company aims to turn profitable in the upcoming fiscal year.
Park+ specializes in installing automatic gate barriers to facilitate the entry and exit of cars in societies and commercial buildings. Additionally, it offers car cleaning, car finance, FASTag, and other services catering to the requirements of car owners. Lakhotia outlined plans for further service expansion, including roadside assistance, insurance services, electric vehicle charging, and connected car services.
The company is witnessing growing demand in smaller cities, and Lakhotia highlighted the aspirations of people in smaller towns, leading to the geographic expansion of Park+. Commercial real estate partners have started bundling the company’s services in cities where they operate. Park+ currently employs over 700 individuals, and the company anticipates hiring 300-400 more employees to support its growth.