This start-up’s app enables customers to search, book and navigate parking space
Delhi-NCR with the highest number of cars in India is known for its congested roads and limited parking lots. To solve these pain points, Get My Parking was launched in 2015 to digitise any parking lot, anywhere– off-street, on-street, or underground. But first, the start-up had to win over the contractors that managed various parking lots in the city. “We needed a trade-off that would work positively for the contractors,” says Rasik Pansare, co-founder, Get My Parking. The entire back-end of its tech platform was built on cloud and the start-up decided to identify how technology could improve operational efficiencies and work as a parking management platform for contractors. The positive trade-off for the contractor was that Get My Parking had fixed the leakages in the industry by digitising the process of ticketing and the app allowed the contractor to manage the operations remotely.
In western countries no manual labour is involved in the process of parking and the onus of parking is on the customer. So the parking-focussed start-ups in the West are built over the existing layer of technology. Get My Parking had to tweak the technology to make it work for Indian markets. Its consumer facing app, therefore, gives the car owner a comprehensive view of the parking spots available and helps him search and book a parking spot. It has also integrated the services of Google Maps which will guide the user to the parking lot. Get My Parking earns a monthly subscription from contractors based on the package they have opted for. The basic level of the product offers entry, exit and ticketing in a digital format and among advanced features the company can add sensors and video analytics at the parking lot. The cost of the hardware installed at the parking lot is collected upfront from the contractor. It is exploring advertising for auto-related products and services. Besides subscription and advertising, Get My Parking is working on another vertical – events such as the IPL and Kumbh Mela where it handled parking.
By the end of the current financial year, it is targetting 10x growth in revenue to Rs10 crore. Get My Parking is also betting on international expansion to increase its revenue. It hopes to break-even by FY19. “Currently we have a project ongoing in Taiwan and have partnerships in Indonesia and Malaysia. We will be present in 15 countries by FY19,” adds Pansare. On an average the start-up is servicing 66,000 parkings daily in Delhi-NCR. In addition to Delhi and Bengaluru, Get My Parking has seen encourage demand from cities such as Pune, Bhubaneswar, Navi Mumbai and Jaipur. In September 2017, Get My Parking secured $3 million in Series A funding form IAN Fund, BEENEXT, and Indian Angel
Network. Previously, the start-up had raised $1.1 million in pre-Series A and $ 376,000 as angel investment.