Park+ has announced that it has raised $11 million in a funding round led by Sequoia Capital and Matrix Partners India. The startup is engaged in bringing in digitization in parking. Amit Lakhotia is the founder of this startup. This round of funding has been joined by a handful of angel investors already with a reputation for their choice of startups to invest in. These include Deep Kalra, Rajesh Magow, Ashish Hemrajani, Kunal Shah, Kunal Bahl and Rohit Bansal.
Park+ allows its customers to download its app on to their mobile devices and use it for parking solutions wherever they are located. It offers a smart parking automated system as well as a cloud-based security solution for daily commuters, corporates and commercial establishments. It also offers real-time experience for parking discovery, booking, payment and tracking, all of which can be easily accessed through their app.
"Parking is a massive problem faced across all major urban cities in India. Global studies show that drivers spend anywhere between 10-15 minutes every trip locating parking spots, which creates stress and wastes both time and fuel. The issue is worse in larger Indian cities, which are incredibly congested and difficult to navigate. Many drivers wind up parking randomly on the road, which creates a nuisance for the municipal bodies and other commuters. With technology, we are looking to solve the problem faced by drivers and commuters on a daily basis.â€ť said Amit Lakhotia, Founder, Park+.
It is still work in progress and most of the solutions that Park+ wants to bring to the table is under development. The app itself is to be launched soon.
â€śThe best startup ideas solve real world pain points, and Amitâ€™s idea for Park+ is a perfect illustration of that. Parking is a very tough problem to solve, and we felt it would take a founder like Amit to build a parking platform company for India. Having worked closely with Amit at Tokopedia, I am personally thrilled to get a chance to partner with him a second time.â€ť said Shailendra Singh, Managing Director, Sequoia Capital (India) Singapore.