Swiggy Instamart has partnered with Park+, a FASTag distribution platform to deliver IndusInd Bank FASTag to Swiggy Instamart users in under 10 minutes, the company said.
It added that the customers can now enjoy the convenience of having FASTag delivered directly to their doorstep. The FASTags will be available to users on Swiggy Instamart across 29 cities.
An essential for modern-day car owners, there has been consistent adoption of FASTag with over 7.98 crore FASTags issued in India as of November 2023. With Park+’s smart parking and vehicular management systems, users can digitally pay at a toll, or a parking spot at a mall, corporate park, or movie hall using FASTag. No cash transaction is required.
Phani Kishan, head of Swiggy Instamart said, “FASTag stands for seamless payment and convenience, and access to it should be the same. Traditionally, purchasing a FASTag involved applying through a bank portal or physically visiting a toll booth on a highway, leading to waiting times ranging from 3 to 7 days for card delivery and activation. With FASTag now available on Swiggy Instamart, users can procure it anytime, anywhere, slashing delivery wait time from days to under 10 minutes.”
Commenting on the partnership, Amit Lakhotia, founder and CEO of Park+ said, “At Park+ our main objective is to bring delight back to car ownership. As part of this endeavour, we have partnered with Swiggy Instamart to reduce the TAT for car owners buying a FASTag. As the largest FASTag distributor in India, we are well-poised to address the current gap within the FASTag ecosystem. Our robust relationship with IndusInd bank allows us to deliver IndusInd FASTags to customers in less than 10 minutes, thanks to Swiggy Instamart.”
“Furthermore, we are also working with relevant FASTag issuing partners to educate users about FASTag buying/renewal/recharge, etc. We will continue to invest our energies in enhancing the car ownership experience for car owners, throughout the life cycle of their car and look forward to partnering with other external stakeholders to support us in this endeavour,” Lakhotia added.
Founded in 2019, Park+ is supported by Epiq Capital and has recorded six-fold growth in FY22, according to the startup news platform Entrackr. The company's revenue surged 2.5 times, while it managed to control its expenses despite a 65 percent increase in losses. The Gurugram-based startup aimed to achieve profitability in January-March 2024, as stated by the CEO in an interview with Mint.
