Park+, a new smart parking solution business founded by Amit Lakhotia, the former vice president of Paytm Payments, revealed on Wednesday that it has raised $25 million in a Series B investment led by Sequoia Capital India, Matrix Partners India, and Epiq Capital. AdvantEdge, Fund II – a series of Somani Investments LP, and Motherson Lease Solution Limited were among the existing and new investors in the round.
Park+ is an app-based platform that provides smart, cloud-based automated parking systems for B2B enterprises and daily commuters. It was founded in July 2019. According to a release, the platform gives a real-time experience in parking discovery, booking, payment, and tracking.
Sequoia Capital India and Matrix Partners India led a $11 million Series A financing for the firm.
Commenting on 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.”