Sequoia, Matrix lead $11 Mn round in Park+

Delhi-based smart parking app Park+ has secured $11 million in a funding round led by Sequoia India and Matrix Partners India.

Marquee angel investors Deep Kalra, Rajesh Magow, Ashish Hemrajani, Kunal Shah, Kunal Bahl, and Rohit Bansal also participated in the round.

The six-month-old Park+ is an app-based platform that offers smart, cloud-based automated parking systems for B2B establishments and daily commuters.

It also provides a real-time experience in parking discovery, booking, payment and tracking.

Park+ is founded by Paytm's former Vice President Amit Lakhotia. He is also one of the founders of GetMeCab and Product Manager at MakeMyTrip. and had invested in a startup named Parkwheels in September 2018.

According to an estimate, a commuter in Delhi spends over 80 hours every year looking for parking spaces. Even as the number of vehicles has expanded, parking space in Indian cities has remained constant or reduced due to the growing population.

Amidst this pressure, many Indian smart cities are gradually adopting technology as part of a set of interventions to solve their parking woes. These smart parking apps like Park+, Alpark, Parkable and ParkPlace are trying to provide users with a suitable platform to reserve spots based on their convenience.