According to Markets & Markets report the Automated parking systems(APS) market value is expected to hit 3.6$ billion.
Park+ a Bangalore-based startup founded in 2019 by Ex-Paytm VP Amit Lakhotia, is one of major players in the APS market.
According to its website, Park+ through its Mobile app offers to Car owners, Carkparking, fast-tag management, E-challans, Car washing and Insurance facilities.
According to its website, Park+ is available at 150000 locations, with 2 million+ car listed with it.
Park+ Twitter timeline explains its functioning in this way:-
Step 1. In a simplified explanation of how technical wizardry works, the pad moves the car to an elevator, which drops down (or rises) to a floor where space is available. Then the pad moves out of the lift and glides along to deposit its load.
Step 2. When someone retrieves a car, he or she uses a key fob or smartphone to alert the system, which then delivers the vehicle. Typically, the vehicle arrives within five minutes or less after being summoned.(Source: Park+ Twitter)
Park+ has grabbed $37 million dollar in funding so far including Sequoia Capital, Matrix partner India, Epiq capital, Ashneer grover, CRED’s kunal Shah, Snapdeal’s Kunal Bahl, Rohit Bansal etc.
For infrastructure Park+ has partnered with Blackstone, Brookfield, Mindpace etc.
Major clients of Park+ includes Bandra-kurla Complex, Airtel Headoffice in Gurugram, Select city walk saket, Delhi etc.
