Park+, a burgeoning startup backed by Epiq Capital, is poised to achieve profitability by the first quarter of 2024. Founder and CEO Amit Lakhotia disclosed the company’s ambitious plans to close the current fiscal year with a robust revenue exceeding Rs 200 crore and a strategic expansion into more than 100 cities by 2024.
With $55 million in funding to date, Park+ has emerged as a prominent player in the market, offering a comprehensive suite of services, including parking solutions, car cleaning, repair services, and more through its user-friendly app. Lakhotia emphasized the company’s mission to become a one-stop platform for all car-related needs, boasting a current presence in approximately 30 cities.
“We want every service related to cars and car owners to be available on our platform. Roughly every fourth car in India is on Park+. We expect to turn profitable by the January-March 2024 quarter,” Lakhotia affirmed, expressing confidence in the company’s financial sustainability and growth trajectory.
Park+ has strategically positioned its services in over 7,000 locations across 30 cities, effectively eliminating user acquisition costs. Lakhotia anticipates a robust fiscal performance, projecting a revenue of Rs 200 crore for the current year and marking the next financial year as Park+’s inaugural year of profitability.
Despite posting a loss of around Rs 99 crore in the 2022-23 financial year, Park+ remains bullish about its future prospects. The company’s innovative approach includes the installation of automatic gate barriers, streamlining the entry and exit of cars in societies and commercial buildings.
In addition to its core offerings, Park+ envisions broadening its service portfolio to meet the evolving needs of car owners. Lakhotia outlined plans to introduce services like roadside assistance, insurance, electric vehicle charging, and eventually deploying connected car services to enhance user experience.
“We are looking to grow our customer base by adding more services 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 explained, showcasing Park+’s commitment to staying ahead of market trends and technological advancements.
Recognizing the shifting dynamics and aspirations of consumers in smaller cities, Park+ is strategically expanding beyond metropolitan areas. Lakhotia pointed out the increasing demand for gated societies in smaller towns such as Gorakhpur and Bhilwara, attributing this trend to a growing desire for automation and streamlined services.
With a current workforce exceeding 700 employees, Park+ is gearing up for significant hiring to support its rapid growth. Lakhotia revealed plans to onboard an additional 300-400 employees, underscoring the company’s dedication to building a robust team capable of sustaining and enhancing its market presence.
As part of its growth strategy, Park+ has successfully forged partnerships with commercial real estate entities, who are now bundling the company’s services in the cities where they operate. This strategic collaboration not only enhances Park+’s visibility but also ensures a wider reach for its comprehensive suite of car-related services.
