The strategic acquisition allows Park+ to reach the 10,000+ parking spots milestone, with 100% coverage in the Mumbai Metropolitan Region
Mumbai, 14 June 2022: Park+, a mobile-first car ownership super app, today announced its acquisition of Otopark, a community-driven parking solution provider which connects people looking for parking spots with people who have spare parking space inventory. Through this acquisition, Park+ has achieved 100% coverage in the Mumbai Metropolitan Region (MMR). Additionally, all Otopark employees will be absorbed by Park+ to strengthen its Mumbai team further.
Otopark was founded by Aakash Gupta in 2019 and incubated by the Society for Innovation and Entrepreneurship (SINE), IIT Bombay. Over the years, Otopark has achieved numerous milestones in the shape of a fellowship by Atal Innovation Mission, Niti Aayog, and a grant by the Department of Science & Technology, Govt. of India.
Commenting on the development, Amit Lakhotia, Founder & CEO, Park+ said, “The Mumbai metropolitan region (MMR) has one of the highest densities of car ownership in India and the biggest pain point for car owners in the region was – finding a parking spot, at the right time, at the right location and at the right price point. Through our strategic acquisition of Otopark, we now have 100% coverage in the MMR and look forward to delivering better car ownership experiences for our app users, by capitalizing on Otoparks local knowledge & expertise. We will continue to identify and partner with businesses which allow us to achieve customer delight, across India.”
With a mission to offer an unparalleled car ownership experience, Park+ today provides a range of services to enhance this experience for customers. Park+ has emerged as a one-stop-shop for car owners to access all services related to car ownership- not just limited to parking, but also encapsulating- car insurance, car servicing/maintenance, car-washing, and FASTag management.
“We are proud of the positive impact Otopark has created for the MMR community and is confident that our acquisition by Park+ will expedite this positive impact further. Otopark for us was all about unlocking the inherent business value lying dormant in underutilized car parking inventories at a community level. It also gives me immense pride to now be a part of the Park+ family and I look forward to delivering customer delight to a larger customer base”, said Aakash Gupta, Founder, Otopark
Founded in 2019 by Amit Lakhotia, Park+ a mobile-first car ownership super app that solves the daily challenges faced by car owners ranging from parking, FASTag management, car insurance, automated vehicle access control systems in malls, corporate parks and residential apartments. With 40 Lakh users, Park+ is present in Delhi NCR, Mumbai & Bangalore.