In the relentless urban traffic of India, finding a parking space can be a daunting task. According to an IBM survey, drivers in Delhi waste upto a staggering 19 minutes searching for that elusive spot. Even worse, with only 12% of the parking industry organised, the economic loss incurred by the four major cities of India due to traffic congestion amounts to a staggering Rs 1.4 trillion annually.
But what if you could bid farewell to parking woes and regain those lost minutes? ParkMate, an autotech startup based in Moradabad is doing just that by offering smart, hyperlocal and on-demand parking solutions. Dhananjaya Bharadwaj, co-founder and CEO of ParkMate, envisions a future where time isn’t squandered hunting for parking: “Our goal is to give time back to people, time they would otherwise spend hunting for parking, so they can focus on what truly matters, whether it’s reaching their appointments on time or simply enjoying more moments with their loved ones” he told FE.
Making this happen in real-time is ParkMate’s ‘Drop & Shop’ service. “A few taps on the ParkMate app, and users secure real-time confirmed parking at their desired destination. No more circling blocks, no more frustration. Once users arrive at their destination, they are greeted by a dedicated valet assigned specifically for them. This trained professional takes charge, parking their car securely. But here’s the best part – every ParkMate attendant is OTP verified, ensuring trust and security. What’s more, the car is GPS-tagged, so that users can track the car’s live movement. When it’s time to leave, a simple click on ‘Get my car’ brings the car back, wherever they want,” he added.
To further enhance trust and transparency, ParkMate shares 360-degree images of the cars before and after delivery with customers. The commitment to excellence extends to its attendants, each of whom undergoes a rigorous 12-day training programme. From grooming to customer handling, driver training for all car types, app usage, crisis management and even basic legal knowledge, ParkMate attendants are prepared for every scenario, Bharadwaj said.
The ParkMate app, available on both Android and iOS for free, has seen over 75,000 downloads and boasts an impressive 55% user retention rate. It is currently providing services to around 225,000 customers. Affordability is a key factor, with pricing starting at Rs 49 in Tier I cities and Rs 30 in Tier II cities. The app integrates 14 modes of payment, including cash, offering users flexibility.
With an initial investment of Rs 9 lakh from their personal savings, the co-founders – Bharadwaj and Abhimanyu Singh – bootstrapped the startup. Now, after two rounds of undisclosed funding, ParkMate is witnessing remarkable growth, with a quarterly surge of 1.5X. The company has set its sights on reaching Rs 4 crore in revenue by the end of FY23. ParkMate currently serves 11 malls and seven major markets, including Delhi NCR (Karol Bagh, Sarojini Nagar, Connaught Place), Hazratganj market in Lucknow, and more.
But that’s just the beginning. With the urbanisation wave sweeping India, the need for efficient parking solutions has never been greater. The company has rolled out an expansion strategy to extend its services into more markets in Delhi NCR and even foray into the Mumbai market, at locations like Mahalaxmi and Haji Ali soon. For Delhi NCR region alone, it has plans to facilitate over 500,000 parking services by December-end. “We are very soon coming to Mumbai, Pune, Ahmedabad, Bangalore, Mangalore and Hyderabad,” Bharadwaj informed. Additionally, the company is working to introduce a new and improved version of its app soon.
In a market buzzing with competition from the likes of Park+, Get My Parking, Park360, and Parking Rhino, ParkMate stands out with its focus on user experience, advanced technology, and extensive partnerships, explains Bharadwaj. “Competition is healthy and it motivates us to continuously innovate and improve our services. Also, through strategic collaborations with local authorities, such as our recent launch of UP government’s pioneering FASTag-enabled Smart Parking in partnership with Lucknow Nagar Nigam and Hazratganj Trader Association, we are focused on optimising parking space allocation for citizens across India.”
ParkMate’s ambitions go beyond the borders of India. The company is on a mission to take its seamless parking solutions to over 150 cities worldwide by the close of 2026. “Our success in India has inspired us to take our parking solutions to cities across the globe. We’re actively planning our overseas expansion, and we’re excited about the positive impact we can make on urban mobility worldwide,” Bharadwaj affirms.