Indian parking app Park+ raises $11m led by Sequoia, Matrix Partners

Photo: Unsplash

Park+, a startup focused on digitising parking across India, has raised $11 million in a funding round co-led by venture capital firms Sequoia Capital and Matrix Partners India, per an announcement.

The funding round also saw participation from MakeMyTrip founder Deep Kalra and cofounder Rajesh Magow, BookMyShow founder and CEO Ashish Hemrajani, CRED founder Kunal Shah, Snapdeal cofounders Kunal Bahl, and Rohit Bansal among others.

Founded by former Paytm VP Amit Lakhotia in July 2019, Park+ is a mobile app-based platform that offers smart, cloud-based automated parking systems for B2B establishments and daily commuters. The company claims to provide real-time parking discovery, booking, payment and tracking.

“Parking is a massive problem faced across all major urban cities in India. 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. The issue is worse in larger Indian cities, which are incredibly congested and difficult to navigate. With technology, we are looking to solve the problem faced by drivers and commuters on a daily basis,” Lakhotia said.

According to data shared by Park+, India has close to 50 million cars, with 70 per cent concentrated in the top 15 cities. The parking infrastructure in these cities is not structured enough to deal with such a high density of cars.

Shailendra Singh, Managing Director, Sequoia Capital (India) Singapore, said, “The best startup ideas solve real-world pain points, and Amit’s idea for Park+ is a perfect illustration of that. Parking is a very tough problem to solve, and we felt it would take a founder like Amit to build a parking platform company for India. Having worked closely with Amit at Tokopedia, I am personally thrilled to get a chance to partner with him a second time.”

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.