Get My Parking raises $3 mn funding from BEENEXT, 2 others

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New Delhi | September 12, 2017 11:19 AM

Get My Parking, a start-up that uses Internet of Things (IoT) for its smart parking platform, today said it has raised USD 3 million (Rs 19.2 crore) funding from BEENEXT, IAN Fund and Indian Angel Network.

getmyparking, get my parking, parking issues, parking in india, parking problems, parking problems in india, india newsIts mobile app gives users a bird’s eye view of all the legal parking lots, allowing them to search, book and navigate to the relevant parking spot. (Representational Image: Reuters)

Get My Parking, a start-up that uses Internet of Things (IoT) for its smart parking platform, today said it has raised USD 3 million (Rs 19.2 crore) funding from BEENEXT, IAN Fund and Indian Angel Network. The two-year old start-up has previously raised funds to the tune of USD 1.1 million (Rs 7.35 crore) as pre-series A and USD 3,76,000 (Rs 2.5 crore) in angel investment. The company’s platform digitises parking spaces. Its mobile app gives users a bird’s eye view of all the legal parking lots, allowing them to search, book and navigate to the relevant parking spot.

The company, founded by Chirag Jain, Rasik Pansare and Rahul Gupta, currently processes about 1.7 million parking tickets a month in the Delhi-NCR region. With the fresh funding, it intends to expand to more cities, both in India and overseas. “Parking management is still an unorganised segment in India. We are trying to digitise the demand side and we are in 300 locations in Delhi-NCR already,” Get My Parking co-founder and CMO Rasik Pansare told PTI. The company is also working as part of some smart city pilots like one in Navi Mumbai, he added.

Get My Parking works with a broad spectrum of partners, varying from large scale system integrators and consultants to individual parking operators. It has also executed parking at large-scale events like Kumbh Mela and IPL cricket matches. “We are looking at expanding to other Indian cities. But in the long term, the goal is to be in 25 countries by 2020,” Pansare said.

Get My Parking has already set up an international business development team that is working on expanding the company’s operations to 15 countries by March next year. The company has already entered markets like Taiwan and Indonesia and is carrying out pilots in some countries of Europe. Get My Parking has a team of 60 people and plans to hire about 20 more people in the next 2-3 months.

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