One cannot continue creating parking infrastructure when the existing one is under-utilised. The app, he points out, helps vehicle owners locate slots without hassle and allows optimum utilisation.
“Finding parking space is time-consuming. A certain space occupied during the daytime may be available at night. And space available during weekdays may not be available on weekends, and vice versa,” he adds.
Park+ isn’t the only one in the automated parking system space, which is still in a nascent stage. It competes with Get My Parking and ParkingRhino, among others.
Start-ups in this space, including Park+, have been encouraged by the sharp sequential and year-on-year rise seen in car and two-wheeler sales since the last three months. Car sales in India have been advancing since June.
Cumulative sales of the top nine passenger vehicle makers, which include Maruti Suzuki, Hyundai, Tata Motors, Mahindra and Mahindra, and Kia Motors, grew 35 per cent in September to 275,137 units over the corresponding month last year.
As manufactures continue to re-stock channels ahead of the festive season, sales are expected to gain buoyancy. Auto firms in India report dispatches to dealers as sales.
Park+ charges a commission from the owner of the parking space and a service charge from those availing of the service. The app allows users to discover a parking space.
Having worked with several successful internet start-ups like Paytm and MakeMyOwnTrip, the idea of starting his own venture struck Lakhotia as he saw people struggling to find parking while he was at Paytm. It resulted in Park+ in September 2019.
Last November, it raised $11 million in funding from marquee venture capital firms Sequoia Capital and Matrix Partners.
The funding round also witnessed participation from MakeMyTrip founder Deep Kalra and co-founder Rajesh Magow; BookMyShow founder and CEO Ashish Hemrajani; CRED founder Kunal Shah; and Snapdeal co-founders Kunal Bahl and Rohit Bansal, among others.