PremiumBENGALURU: Mobility startup Get My Parking said it has raised $6 million as part of a new funding round led by IvyCap Ventures. Existing investor IAN Fund also participated in the round.
The company plans to use the new funds to scale its Internet-of-Things (IoT) platform and extend its footprint in the US, Latin America, and Australian market. The startup also plans to use the capital for hiring and expanding its team, with a focus on engineering and product teams.
The six-year-old startup helps parking operators and facility managers digitise parking spaces. The company’s 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 with customizations, through the startup’s platform.
"We are very excited for what lies ahead of us. Parking is an underutilized 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," said Chirag Jain, chief executive officer, Get My Parking.
The company has already digitised over 3000 parking lots across the US, Europe, and India.
Through its white-label software, Get My Parking offers a configurable admin dashboard and other creative applications like dynamic pricing, occupancy predictions, intelligent enforcement, and so on.
The smart parking startup’s latest product, ‘GMP Permit’ enables operators to digitally manage long-term parking permits and issue them to contract parkers online.
“We are impressed by the Get My Parking team and what it has achieved in an underserved sector. 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," said Vikram Gupta, founder and managing partner, IvyCap Ventures Advisors Pvt Ltd.
Get My Parking has also performed deployments for early customers in Brazil, UAE, Australia, and Taiwan. It began its foray into the US market last year by establishing a sales partnership with industry veteran ParkTrans and signing up two large parking operators.
“We are proud to have been part of Get My Parking’s journey in the past and are excited about its future. With several customers onboard globally, Get My Parking is perfectly poised to leverage this untapped opportunity with its sharp focus on execution," said Saurabh Srivastava, co-founder of IAN.
The startup will also invest in building a US office and team, with the latest fundraise.
