Ex-Tokopedia exec’s parking app Park+ secures $11m

Park+, a Delhi-based smart parking solution provider founded by former Tokopedia vice president for business Amit Lakhotia, has raised US$11 million in a round co-led by Sequoia India and Matrix Partners India.

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A number of angel investors, including MakeMyTrip’s Deep Kalra and Rajesh Magow, BookMyShow’s Ashish Hemrajani, Cred’s Kunal Shah, and Snapdeal’s Kunal Bahl and Rohit Bansal, also participated in the round.

Established in July 2019, Park+ is an app-based platform that offers an automated parking system and a cloud-based security solution for commuters, corporations, and commercial establishments. It provides its users with real-time parking discovery, booking, payment, and tracking services.

“Parking is a massive problem faced across all major urban cities in India,” said Lakhotia, adding that drivers spend anywhere between 10 to 15 minutes just trying to find parking spots. “The issue is worse in larger Indian cities, which are incredibly congested and difficult to navigate.”

India has roughly 50 million cars registered, with about 70% of them concentrated in the country’s top 15 cities. According to the statement, parking infrastructure in these cities is not structured enough to deal with such a large number of vehicles. Lakhotia, who also worked at Paytm and MakeMyTrip prior to setting up Park+, said his company aims to tackle the problem using technology.

The company is currently at development stage and has yet to launch its app, according to the statement.