Wednesday, September 13, 2017
Get My Parking Secures $3 Million in Series A Funding Round
Get My Parking, a 2-year-old smart parking IoT platform, has secured Series A funding of $3 million (Rs. 19.20 crores) to advance their product transformation and business impact. The participating investors include IAN Fund, BEENEXT, and Indian Angel Network. Previously, the startup had raised $1.1 million (Rs.7.35 crores) as pre-series A and $376k (Rs. 2.5 crores) as angel investment.
Since its inception, this ingenious startup has made an unmatchable mark in the industry and is clearly the market leader. With a team size of 60, their platform currently processes 1.7 million tickets per month.
Commenting on the development, Chirag Jain, Co-founder and CEO, Get My Parking said, “Existing parking experience tends to take a big chunk of time and fuel; this is where Get My Parking delivers a hassle-free parking experience to every automobile owner. Our dedicated team works towards digitization, integration, and automation of the parking industry while simultaneously catering to the global mobility trends.”
Get My Parking digitizes all types of unorganized parking to create an efficient parking ecosystem. They are associated with a broad spectrum of partners, varying from large scale system integrators and consultants to individual parking operators. Their platform benefits both ways by offering a piece for everyone’s requirement. Having successfully deployed their technology across 300 locations in Delhi and executed parking at mega events like Kumbh Mela and IPL, the startup is experiencing unprecedented growth. In lieu of smart urban mobility, this new fundraise would be utilized towards upgrading their IoT platform to serve a wider range of stakeholders in the parking ecosystem.
Get My Parking has been awarded the ‘Travel app of the year- Emerging’ at the reputed AWS Mobility Awards 2017, hence cementing their industry leader position. Using their pioneering innovation, GMP can connect and digitize any type of unorganized parking to make it go online and consumer facing, all within 10 minutes.
Saurabh Srivastava, Co-founder of IAN & Architect and Mentor of IAN Fund, said, “A truly ‘Made in India’ company, Get My Parking is set to revolutionize an untouched part of urban mobility - parking. With several smart city projects on board, Get My Parking is perfectly poised to leverage this huge opportunity with their sharp focus on execution.”
Get My Parking provides city dashboards and enforcement applications for government authorities, cashless parking management system with revenue analytics for contractors, APIs for mobility providers, and integrations with hardware manufacturers. They also have mobile applications for both, the consumers and suppliers of parking space. All this requires coming together of all the stakeholders. This is where Get My Parking has stepped in and built a completely integrated IOT platform that connects all these solutions and their stakeholders effortlessly.
"The GMP technology platform crossing 20 Million transactions in 20 months exhibits the biology of scale and relevance. Having established its dominant role in its home market the company is at an exciting stage of making itself relevant globally in mature developed markets and as stakeholders we are delighted”, said Sudhir Rao, an existing investor and board director of Get My Parking.
Initially, it was perceived that their products are best suited only for developing countries but surprisingly, they saw huge interest coming from the developed countries also. This is because their platform works like magic when bridging disconnected parking lots to digital mobility solutions at the fraction of other alternatives’ price and time.
“We are excited about how cities are changing in the future. Parking plays a crucial role here and we couldn't find a better team globally than the folks at GMP”, said Dirk Van Quaquebeke, Managing Partner, BEENEXT.
Get My Parking is now poised for international growth with contractual partners in 15 countries to cater to the needs of global parking solution. They recently put their foot in Taiwan where a pilot of their technology with on-street sensors is taking place.
With Get My Parking transforming into the industry’s default smart parking platform from a mere idea in just 2 years, they are well poised to make parking a subconscious experience for millions of motorists, globally.