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Home / News / Business News / Park+ raises $11 million from Sequoia Capital, Matrix Partners
  • Business

    Park+ raises $11 million from Sequoia Capital, Matrix Partners

    Written by
    YANTRA (Bot)
    Edited by
    Ratnakar Shukla
    Last updated on Jan 22, 2020, 07:24 pm
    Park+ raises $11 million from Sequoia Capital, Matrix Partners
  • Park+, a Delhi-based start-up that provides smart parking solutions through its mobile application, has raised $11 million in funding.

    The investment was led by giants like Sequoia Capital and Matrix Partners as well as a bunch of angel investors including Deep Kalra, Rajesh Magow, Ashish Hemrajani, Kunal Shah, Kunal Bahl, and Rohit Bansal.

    Here are more details.

  • In this article
    Park+: A hi-tech platform for parking solutions Deploying tech to solve parking woes, says co-founder How the company will use the fresh funds? Here's what the investor said about Park+
  • Park+

    Park+: A hi-tech platform for parking solutions

    Park+: A hi-tech platform for parking solutions
  • Founded in 2019 by former Paytm executive Amit Lakhotia, Park+ provides smart parking solutions through its mobile application that saves users from unnecessary hassles of finding parking spots.

    The platform offers cloud-based automated parking systems, which lets drivers and daily commuters find and book parking spaces.

    Apart from that, users can also keep track of the parking sessions in real-time.

  • Quote

    Deploying tech to solve parking woes, says co-founder

  • Discussing the crisis of limited parking spaces in big cities, Lakhotia told YourStory, "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."

    "With technology, we're looking to solve the problem faced by drivers and commuters on a daily basis," he added while highlighting the value of their unique solutions.

  • Future plans

    How the company will use the fresh funds?

    How the company will use the fresh funds?
  • While speaking about their future plans, Lakhotia told Inc42 that Park+, currently in a pilot stage, will be adding more parking spaces by partnering with those who have vacant spots and are looking for extra income.

    Besides that, the company will also use the capital to build its platform and attract more users.

  • Quote

    Here's what the investor said about Park+

  • Meanwhile, Avnish Bajaj, Founder and Managing Director of Matrix Partners India, said that the company is privileged to partner with Lakhotia and their co-investors Sequoia India to solve the parking problems.

    He added, "Amit's depth and breadth of experience in working with leading internet companies is a big asset for building Park+ into a large and successful company."

  • Sequoia Capital
  • Kunal Bahl
  • Rohit Bansal
  • YourStory
  • Sequoia India
  •  
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