Smart parking platform Get My Parking has raised $6 million (Rs 43 crore) in a funding round led by Mumbai based venture capital firm IvyCap Ventures. The startup will use the capital to scale its IoT platform and extend its footprint in the US, Latin America and Australia.
IAN Fund was a returning investor in the round. Masterkey Holdings served as the investment banker for the transaction, Get My Parking parent Agile Parking Solutions said in a statement.
Founded in 2015 by Chirag Jain and Rasik Pansare, Get My Parking claims to have digitized over 3,000 parking lots across Europe, the US, and India. The latest infusion will also be used expand its team, with a focus on engineering and product talent.
“Parking is an under-utilized real estate that is uniquely positioned to serve the changing urban needs. Our technology enables seamless use of parking for shared mobility, storage and deliveries for e-commerce, EV charging, and on-the-fly automotive services. With our modular, affordable yet cutting-edge technology, we are confident of transforming parking lots into mobility hubs worldwide,” CEO Jain said.
The Get My Parking’ open IoT platform is designed to be an end-to-end digital enabler for parking operators and facility managers around the world. It enables them to offer their end consumers online discovery and transaction capability. The technology upgrades physical parking lots into digital mobility hubs with contactless access and cashless payments. Operators can also launch their consumer app and loyalty programs in just two weeks with customizations.
The IoT gate kit GMP Access can integrate any legacy parking equipment with any app or cloud software. This allows a host of multi-vendor sensors to work in tandem with plug-n-play API integrations. This makes it possible for connected cars and autonomous vehicles to conduct machine-to-machine interactions with parking gates for automated entry and payments. Get My Parking offers its tech as a white-label Software-as-a-Service model.
“We believe in the combination of their talent, technology, and strategy to truly transform the parking and mobility industry globally. Our investment in the company is aimed at helping them in their expansion and growth,” Vikram Gupta, managing partner, IvyCap Ventures, said,
Get My Parking recently started collaborating with Mercedes-Benz to assist end-users in discovering and navigating to a relevant parking lot. It began its foray in the US market last year by establishing a sales partnership with ParkTrans and signing up two large parking operators. It will further invest in building a US office and team.