Get My Parking Raises Rs 43 Crore

Mobility startup firm Get My Parking on Thursday announced raising Rs 43 crores in a funding round led by IvyCap Ventures. Existing investor IAN Fund also participated in the funding round. ‘

GMP (Get My Parking) has digitized over 3,000 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,’ it said in a statement.

It has an open internet of things (IoT) platform. The company’s technology helps in upgrading physical parking lots into digital mobility hubs with contactless access and cashless payments.

‘Parking infrastructure needs dozens of equipment and tech vendors. 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,’ GMP Co-Founder Rasik Pansare said.

GMP recently announced a collaboration with Mercedes-Benz to assist end-users in discovering and navigating to a relevant parking lot.

‘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,’ Ivycap Ventures Advisors Founding and Managing Partner Vikram Gupta said.

GMP said it has deployed its solution with APCOA Parking, which operates across over 9,000 locations in 13 countries.

‘With several customers onboard globally, Get My Parking is perfectly poised to leverage this untapped opportunity with its sharp focus on execution,’ IAN Fund Co-Founder Saurabh Srivastava said.

 PTI