[Funding alert] Park+ raises $25 M in Series B round led by Sequoia Capital, Matrix Partners

Park+ plans to utilise the funds to strengthen its core technology and build out innovative solutions for cars and car owners that can solve all their pain points on a single platform.

Park+, a new smart parking solution startup launched by Amit Lakhotia, ex-VP of Paytm Payments, on Wednesday announced that it has raised ~$25 million in a Series B round co-led by Sequoia Capital India, Matrix Partners India and Epiq Capital. Existing and new investors, including AdvantEdge, Fund II - a series of Somani Investments LP and Motherson Lease Solution Limited, also participated in the round. 

Founded in July 2019, Park+ is an app-based platform that offers smart, cloud-based automated parking systems for B2B establishments and daily commuters. The platform provides a real-time experience in parking discovery, booking, payment and tracking, according to a statement.

Park+ plans to utilise the funds raised to strengthen its core technology and build out innovative solutions for cars and car owners that can solve all their pain points on a single platform.

Speaking of the fundraise, Amit Lakhotia, Founder and CEO, Park+ said,

“Post Covid, there is a strong shift away from public transport and shared mobility, with growing preference for personal vehicles. Park+ is committed to revolutionize how car-related services are offered and managed in India. The continued trust of our investors will help us strengthen our plans of expansions, hire and deploy skilled operational teams and build strong offerings on top of our existing services, providing a 360-degree experience for car owners across the country.”

Growth and traction

In less than 12 months since its inception, the platform has witnessed over two million app installs. It has 90,000+ bookable spots in Delhi NCR, Mumbai and Bangalore.

Park+ enabled MG Astor to become the world’s first car where users can book and pay for parking via the car's head unit infotainment system.

Its access control and parking automation solutions are deployed at prominent locations including Blackstone (Mumbai), Brookfield, Mindspace, Airtel HO (Gurgaon), One BKC (Mumbai), Select City Walk (Saket, Delhi) including 3000+ residential apartment gates.

Last year in January, the startup had raised $11M in Series A round co-led by Sequoia Capital India and Matrix Partners India.

Avnish Bajaj, Founder and Managing Director, Matrix India, said,

“Park+ has built a business in one of the most underserved segments in the country, underscoring the vast opportunity at hand. Their continued focus and immaculate execution on scaling products and services to drive a greater adoption of smart solutions in an operationally complex business is what makes Park+ stand out, we're excited to be deepening our partnership with Amit and look forward to the journey ahead!"

“Park+ has quietly built a dominant position in the parking, FASTag and access control market and is now launching various services and subscriptions for their user base. The company is focused on improving a user’s everyday car experience by leveraging automation in areas that were so far manual and tedious. We are thrilled to see strong customer NPS and a growing network effects business, with the potential to dominate a completely new category that the company is helping to create,” added Shailendra Singh, Managing Director, Sequoia India.