Parking, a Delhi-based 18-months old startup providing cloud-based mobile parking technology announced its recently raised pre-series A funding of $1.1 million (Rs.7.35 crores) to accelerate their product innovation and business impact.
The participating investors include Indian Angel Network (IAN), BEENEXT, The Chennai Angels (TCA), and Mr. Sunil Munjal (Hero group). In January 2016, the start-uphad raised $0.376million (Rs.2.5 crores) from The Chennai Angels (TCA).
Within 6 months of its inception, the urban innovation start-up has stirred the industry and became the market leader. It has partnered with industry leaders like Cisco, Intel, IBM, Sterlite, EY, Ericsson et al. The brilliant innovation digitizes any type of unorganized parking at the fraction of other alternatives’ price and time. Last year, their smart solution was appreciated by PM Modi during MahaKumbhMelain Ujjain where they digitized 400 hectares of parking with capacity of 2,00,000 vehicles. Also, their solutions officially powered event parkings during IPL 2016, KrishnaPushkaralu, Lucknow Mahotsav, and HyderabadNumaish.
Commenting on the investment received, Rasik Pansare, Co-founder and CMO, Get My Parking said, “Giving way to Mobility Planning, the fund will be invested in deploying our integrated smart parking platform. The pilots have been initiated in Jaipur and Mumbai in collaboration with local government authorities and several citywide contracts. We are poised for international growth by setting up country partners in 6 countries with the enhanced products to fit the requirements of a global parking solution.”
Lead TCA Investor Sudhir Rao, Managing Partner of IndusAge Partners commented, “The opportunity to provide every day value to an automobile owner with friction-free parking is being delivered by Get My Parking. The team has demonstrated its deep focus in scaling up to over 1.5 Million tickets a month. Their technology platform that triangulates digitization, integration, and automation at the parking lot with the consumer to manage demand and payments has a global market. IndusAge Partners and The Chennai Angels are proud to have been supportive of the team in its endeavor.”
Currently, with the smart cities taking off rapidly, there is an urgent requirement for indigenous smart solutions that ease traffic and mobility. So apart from cashless parking management systems and mobile applications, Get My Parking has city dashboards and enforcement applications for government authorities, revenue analytics for contractors, APIs for mobility providers and hardware integrations with OEMs. But for these to be effective, different stakeholders should be brought together. So, Get My Parking has built a completely integrated IOT platform that connects all these solutions and their stakeholders seamlessly.
Dirk Quaquebeke, Managing Partner, BEENEXT, commented on investment, “We believe that GMP has huge potential for growth internationally, and we look forward to leveraging our global network and resources to help Get My Parking bring its innovative urban transportation solution to cities around the world.”
The rapid urbanization in developing nations like India never gave much attention to mobility planning. Get My Parking is now poised for international growth and has recently set up country partners in 2 countries. With Get My Parking maturing from a novel concept to a trusted smart parking platform, our cities finally have the data driven solutions to make urban driving hassle-free.
