While still in the testing phase, app-based platform Park+ lets consumers book parking spots around cities.

Established in July 2019, Park+ will use the funds to build its platform, discover and add more parking spots as well as get users to adopt.

The automated parking systems market reached a value of $1.3 billion in 2019 and was projected to grow at a compound annual growth rate (CAGR) of 13.1% from 2019 to 2027.

Apart from Park+, startups in this market include Get My Parking, ParkingRhino, Alpark, Parkable and ParkPlace.

“Parking is a massive problem faced across all major urban cities in India. With technology, we are looking to solve the problem faced by drivers and commuters on a daily basis,” Amit Lakhotia, Park+ founder said.