Park+: Car Care Startup Sets Goal for Profitability in Q4 FY24, Aiming to Double Revenue to Rs 200 Crore
According to a senior company official, Park+, the car care services startup, is expected to complete the current fiscal year with sales above Rs 200 crore and is on pace to achieve profitability in the January-March 2024 quarter. With backing from Epiq Capital, Amit Lakhotia, the founder and CEO of Park+, announced that the company currently operates in about 30 locations and has big hopes to grow to over 100 cities by 2024.
The company hopes to provide a wide range of services relating to autos and car owners on its platform. To date, it has raised $55 million. Lakhotia highlighted that Park+ uses its app to offer parking, car wash, and maintenance services, and that it hopes to be used by every fourth automobile in India. With services offered at more than 7,000 locations across 30 cities, the business expects to generate Rs 200 crore in revenue this 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+ is an expert in putting in automatic gate barriers to make it easier for cars to enter and depart residential complexes and business buildings. It also provides FASTag, auto washing, auto financing, and other services to meet the needs of vehicle owners. Lakhotia presented plans for additional service growth, including connected car services, insurance services, roadside assistance, and electric vehicle charging.
The company is seeing an increase in demand in smaller cities, and Park+ has expanded geographically as a result of Lakhotia highlighting the goals of residents in smaller towns. In the cities where they do business, partners in commercial real estate have begun to package the company’s offerings. Park+ presently employs approximately 700 people, and in order to support its expansion, the company plans to hire 300–400 more people.