SUMMARY
- Park+ saw its revenue from operations climb 36.5% YoY to Rs 131 crore in FY24.
- The total cost grew to Rs 245 crore in FY24 from Rs 202 crore in FY23.
- There was a 4% rise in losses, reaching Rs 103 crore in FY24.
Park+ saw its revenue from operations climb 36.5% YoY to Rs 131 crore in FY24 from Rs 96 crore in FY23, as per its consolidated financial reports accessed from the Registrar of Companies.
Established by Amit Lakhotia, Park+ offers vehicle cleaning, residential and commercial parking solutions, payment of challans, management of insurance, and car maintenance. It has also ventured into additional services such as issuing FASTags for FASTag-based systems and setting up charging stations for electric vehicles.
About 80% of its revenue came from service-based activities such as commissions of FASTags, rental of access control, advertisement, valet service, and parking, which saw a 44% rise to Rs 104 crore in FY24. The remainder of its income was generated from the sale of products like access control systems, FASTags, radio frequency tags among others.
The cost of employee benefits was the largest expense for Park+, making up 41% of its total expenses, which rose by 29.5% to Rs 101 crore in FY24 from Rs 78 crore in FY23. This also included Rs 27 crore for Employee Stock Ownership Plan (ESOP) costs.
The expenses on materials, including the purchase of FASTags, radio frequency and related equipment, surged by 65.7% to Rs 58 crore in FY24. Other operational costs, including advertising, legal fees, technology, vehicle maintenance brought the total cost to Rs 245 crore in FY24 from Rs 202 crore in FY23.
This led to a 4% rise in losses, reaching Rs 103 crore in FY24. Its ROCE and EBITDA margins were -72% and 68%, respectively. On a per-unit basis, it spent Rs 1.87 to generate a rupee in FY24.
Park+’s total current assets were valued at Rs 160 crore in the year under review, including cash and bank balances of Rs 102 crore.
The Gurugram-based company has secured $54 million in funding from various investors and was valued at around $355 million during its latest Series C funding round in December 2022. Peak XV is the largest external stakeholder, followed by Matrix and Epiq Capital. Amit Lakhotia, the founder and CEO, holds a 45% stake in the company.
The competitors of Park+ include Get My Parking, Park Smart, and Parky, among others. In June, the company expanded into the on-demand driver services market with Drive+, aiming to challenge competitors such as DriveU, Drivers4Me, Driverzz, PickMyCar, Namma Driver, and Cars24.
