Park+ is a management solution offering platform for parking operators that announced a 36.5 percent YoY increase in operational revenue to Rs 131 crore in FY24. The startup provides a digital platform to enable users to search and reserve parking. The application allows users to manage, purchase, and recharge FASTags. The advertisement services, commissions of FASTags, Valter service, and parking are the primary sources of revenue for the company. The startup also offers insurance management and car services.
Entrackr mentioned in its report that the firm also earns its income through the sale of radio frequency tags and access control. The sale of services like commissions of FASTags accounted for 80 percent of the total operating income. This cost increased by 44 percent to Rs 104 crore in FY24. The cost of materials also increased by 65.7 percent to Rs 58 crore in the same duration.
The company has secured over 54 million USD across multiple funding rounds, including $18.1 million raised during its series C funding round led by Epiq Capital Advisors and others in 2022. The data intelligence platform, tracxn mentioned that Sequoia Capital is the firm’s largest institutional investor. The startup data intelligence platform, thekredible mentioned that the existing investor Peak XV Partners is the largest external stakeholder of the firm.
Park+ also offers services like car cleaning, insurance management, and parking solutions for malls, offices, and homes. The online platform uses advanced technologies to provide a seamless customer experience. This startup expanded its offerings to EV charging networks and FASTag insurance. The legal, advertising, marketing, conveyance, technology, and other expenses increased the total costs by 21.3 percent to Rs 245 crore in FY24. The startup reported a 4 percent increase in its loss to Rs 103 crore in the same duration.
The parking management platform focuses on improving its business model while offering more innovative solutions. The startup intends to control its losses by reducing operating expenses and employee benefits. Employee benefits accounted for 41 percent of the total expenditure and increased by 29.5 percent to Rs 101 crore in this financial year.
This includes the ESOP cost which stood at Rs 27 crore in this fiscal year. The EBITDA margin stood at -68.79 percent while the ROCE was around -72.54 percent in the same duration. The company faces competition from other mobility and parking managing platforms such as Cars24, DriveU, and PickMyCar.
Conclusion :
Park+ announced a 36.5 percent increase in operational revenue to Rs 131 crore in this financial year. The parking management platform offers management solutions for parking operators. The sales of services, advertisements, Valet service, and parking are the firm’s major source of revenue. The company has investors including Peak XV Partners and Epiq Capital Advisors.
The startup reported a loss of Rs 103 crore in FY24. The company plans to minimize its losses through cost-cutting measures. The technology, marketing, advertisement, and other costs increased the total expenses by 21.3 percent to Rs 245 crore in the same duration.
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