Get My Parking raises Rs 7.35 crores to innovate further in smart parking platform

NEW DELHI: Get My Parking, a Delhi-based 18-month old startup providing cloud-based mobile parking technology, has 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 Sunil Munjal (Hero group). In January 2016, the startup had raised $0.376 million (Rs 2.5 crores) from The Chennai Angels (TCA).

Get My Parking has partnered with industry leaders like Cisco, Intel, IBM, Sterlite, EY, Ericsson and many others. The brilliant innovation digitizes any type of unorganized parking at the fraction of other alternatives’ price and time.

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.

Last year, the company’s smart solution was appreciated by PM Modi during Maha Kumbh Mela in Ujjain, where they digitized 400 hectares of parking with capacity of 2,00,000 vehicles. Also, their solutions officially powered event parking during IPL 2016, KrishnaPushkaralu, Lucknow Mahotsav, and Hyderabad Numaish.

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 SudhirRao, 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 endeavour.”

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.”