Get My Parking (GMP), a mobility and smart parking startup based in Bengaluru announced on Thursday that it has raised Rs 43 crore in a new investment round headed by IvyCap Ventures. This round included existing investor IAN Fund, as well as Masterkey Holdings as the investment banker.
The fresh funding will be used to expand the startup’s IoT platform and expand its presence in the US, LATAM, and Australian markets. GMP also intends to utilise the funds to hire and expand its workforce, with a particular focus on the engineering and product areas.
GMP’s open IoT platform, founded in 2015 by Chirag Jain and Rasik Pansare, is an end-to-end digital enabler for parking operators and facility managers all over the world. It enables them to provide online discovery and transaction capabilities to their end-users.
The technology developed by the startup transforms real parking lots into digital mobility hubs with contactless access and cashless payments. Get My Parking has digitised approximately 3,000 parking lots in India, Europe, and the United States to far.
Chirag Jain, CEO of Get My Parking, commented on the new development, saying, “We are very excited for what lies ahead of us. Parking is an under-utilised 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 eCommerce, 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.”
The Get My Parking team and what it has accomplished in an underrepresented industry has amazed us. We believe that the combination of their expertise, technology, and strategy will truly alter the parking and mobility industries around the world. Our investment in the company is intended to aid in its expansion and growth, says Vikram Gupta, Founder and Managing Partner, IvyCap Ventures.
Get My Parking is collaborating with automotive and logistics firms to solve the parking puzzle. It recently announced a partnership with Mercedes-Benz to aid end-users in locating and navigating to a suitable parking lot.