Park+ expects to turn profitable in Q3 FY24 quarter, double revenue to Rs 200 crore

Park+, a car owner-centric app, shares its expectations to be profitable by Q3 FY24, and close the current fiscal with over Rs 200 crore, a senior company official said.

At present, the Gurugram-based firm operates in about 30 cities and plans to expand to over 100 cities by 2024, said the Park+ Founder and CEO, Amit Lakhotia.

The Epiq Capital backed firm was able to raise USD 55 million till date to fund its operation, sufficient for the company to fund operations and planned expansion.

"We want every service related to cars and car owners to be available on our platform. We are providing parking, car cleaning and repair services through the app. Roughly every fourth car in India is on Park+. We expect to turn profitable by the January-March 2024 quarter," said Lakhotia.

"We expect to post revenue of Rs 200 crore this fiscal. We expect next financial year to be the first year of profitability for us," Lakhotia said.

The corporate entity focused on solving car-ownership issues registered a loss around Rs 99 crore and revenue of Rs 103 crore in the financial year 2022-23.

Lakhotia said, "We are looking to grow our customer base by adding more services like roadside assistance, insurance services, and electric vehicle charging related to cars. Later on, we are looking to deploy connected car services and automate every service that can ease a car owner's life."The on-ground infrastructure for the same has begun.

Highlighting the focus on installing automatic gate barriers, Park+ shared that people in smaller towns are looking for a gated society, which is driving their geographic expansion. 

"We are seeing demand for automation in smaller cities like Gorakhpur, Bhilwara etc," he said.