Park+ Targets Profitability in Q4 FY24, Aims to Double Revenue
By siliconindia | Monday, 04 December 2023, 14:16 IST
Park+, the car care services startup, aims to reach profitability in the January-March 2024 quarter and anticipates ending the current fiscal year with revenue surpassing Rs 200 crore, as confirmed by a senior company executive. Supported by Epiq Capital, Park+'s Founder & CEO, Amit Lakhotia, revealed that the company currently serves approximately 30 cities and has ambitious intentions to extend its presence to more than 100 cities by 2024.
The startup, having raised $55 million thus far, aims to provide a wide array of car-related services to car owners via its platform. Lakhotia stressed that Park+ offers parking, car cleaning, and repair services through its app, envisioning a scenario where one in every four cars in India utilizes Park+. Presently available at more than 7,000 locations across 30 cities, the company foresees revenue of Rs 200 crore in the ongoing fiscal year.
“We anticipate achieving our first year of profitability in the coming financial year”, Lakhotia remarked. Although Park+ experienced a loss of around Rs 99 crore and generated revenue of Rs 103 crore in the fiscal year 2022-23, the company aims to become profitable in the upcoming fiscal year. Park+ specializes in installing automatic gate barriers for car entry and exit in societies and commercial buildings. It also provides car cleaning, finance, FASTag, and other services tailored to car owners' needs. Lakhotia detailed plans for expanding services further, including roadside assistance, insurance, electric vehicle charging, and connected car services.
The company is observing heightened demand in smaller cities, with Lakhotia highlighting the aspirations of residents in such towns as a driving factor behind Park+'s geographic expansion. Commercial real estate partners are beginning to bundle the company's services in cities where they operate. Presently, Park+ has a workforce of over 700 individuals and anticipates hiring an additional 300-400 employees to support its expansion.
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