Cloud-based mobile parking startup, Get My Parking has secured $1.1 Mn (INR 7.35 Cr) in a Pre-Series A round of funding from Indian Angel Network (IAN), BEENEXT, The Chennai Angels (TCA), and Sunil Munjal (Hero group).
The startup has raised funds to accelerate product innovation and business impact.
Commenting on the development, 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. 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 six countries with the enhanced products to fit the requirements of a global parking solution.”
Founded in 2015 by IIT Madras alumni Chirag Jain and Rasik Pansare, alumni of FMS Delhi, Get My Parking provides IoT-based parking platform which digitises any type of parking space. Its mobile app gives a bird’s eye view of all the legal parking lots and helps users to search, book, and navigate to relevant parking.
This data-centric approach claims to gives users insights into the urban transport landscape which can be utilised in better urban policy making for smart cities.
“The opportunity to provide everyday 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 Mn tickets a month. Its technology platform that triangulates digitisation, integration, and automation at the parking lot with the consumer to manage demand and payments has a global market,” said lead TCA Investor Sudhir Rao, Managing Partner of IndusAge Partners.
The Delhi-based, 18-months-old startup has partnered with industry leaders like Cisco, Intel, IBM, Sterlite, EY, Ericsson et al. 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 need to be brought together. So, Get My Parking has built a completely integrated IoT platform that connects all these solutions and their stakeholders seamlessly.
With processing of a reported 45,000 parking tickets everyday through 400 parking systems installed at 150+ locations across Delhi NCR, the startup has also recently set up country partners in two more countries.
Earlier in January 2016, it had raised $0.376 Mn (INR 2.5 Cr) from The Chennai Angels (TCA). Last year, its smart solution was appreciated by Narendra Modi during the Maha Kumbh Mela in Ujjain, where it digitised 400 hectares of parking with a capacity of 2,00,000 vehicles. Also, its solutions officially powered event parkings during IPL 2016, KrishnaPushkaralu, Lucknow Mahotsav, and Hyderabad Numaish.