With Internet of Things (IoT) getting more traction, new startups are coming to solve issues in the smart home and smart cities sector. One such startup is Park+ which offers smart parking solutions.
The company has now raised $11 million in a funding round that was led by Sequoia India and Matrix Partners India. It also witnessed participation from Deep Kalra and Rajesh Magow of MakeMyTrip, Kunal Shah from Cred, Ashish Hemrajani of BookMyShow, and Kunal Bahl and Rohit Bansal of Snapdeal.
Commenting on this funding round, Amit Lakhotia, founder of Park+, said: “Parking is a massive problem faced across all major urban cities in India. 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 municipal bodies and other commuters. With technology, we are looking to solve the problem faced by drivers and commuters on a daily basis.”
Park+ was founded in June last year by Amit Lakhotia, who previously worked as Vice President of Paytm Payments. The startup offers an app-based platform with cloud-based automated parking systems for B2B establishments and daily commuters.
It provides real-time experience in parking discovery, booking, payment, and tracking. However, the company is still in the testing phase and is working with a group of select users at this time.
In this space, the company will be competing against the likes of Get My Parking, ParkingRhino, and more. As per the IBM Global Parking Index 2011, an average urban motorist spends 20 minutes more on the road due to parking problems.