Get My Parking Raises $6 Mn From IvyCap And IAN Fund

The company will use the new funds to scale its IoT platform and extend its footprint in the US, LATAM, and Australian markets

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Mobility startup Get My Parking (GMP) announced to have raised $6 million in a funding round led by IvyCap Ventures. Existing investor IAN Fund also participated in the round. Masterkey Holdings served as the investment banker.

Get My Parking

Founded in 2015 by Chirag Jain and Rasik Pansare, GMP has digitized over 3000 parking lots across Europe, the US, and India. It will use the new funds to scale its IoT platform and extend its footprint in the US, LATAM, and Australian markets. The startup also plans to use the capital for hiring and expanding its team, with a focus on engineering and product teams.

“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.

Get My Parking’s open IoT platform is an end-to-end digital enabler for parking operators and facility managers around the world. It empowers them to offer their end consumers online discovery and transaction capability. 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 in just two weeks with customizations. Behind the scenes, its 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 (SaaS) model.

“Parking infrastructure needs dozens of equipment and tech vendors. Most of these offer discrete pieces of functionalities that work in silos, typically offline. We provide operators with the technology they need to launch innovative digital offerings relevant to modern consumers. We have drastically improved their time to market, user experience, loyalty, revenue, and business diversification,” commented Rasik Pansare, co-founder, Get My Parking.

Parking equipment collects a tremendous amount of data which is rarely tapped properly. Get My Parking’s solutions such as ‘GMP IQ’ and ‘GMP AI’ help make sense of that data through 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,” stated Vikram Gupta, founder and managing partner, IvyCap Ventures Advisors Pvt Ltd.

Get My Parking has started working closely with automotive and logistics companies to solve the parking piece of the mobility puzzle. Recently, it announced a collaboration with Mercedes-Benz to assist end-users in discovering and navigating to a relevant parking lot.

“We are proud to have been part of Get My Parking’s journey in the past and are excited for its future. With several customers onboard globally, Get My Parking is perfectly poised to leverage this untapped opportunity with its sharp focus on execution,” added Saurabh Srivastava, co-founder, IAN, and past chairman, NASSCOM.

Get My Parking has deployed its solution for some of the largest parking operators in the world such as APCOA Parking, which operates over across 9000 locations in 13 countries. GMP has also performed deployments for early customers in Brazil, UAE, Australia, and Taiwan. It began its foray in the USA market last year by establishing a sales partnership with industry veteran ParkTrans and signing up two large parking operators.