IoT parking startup Get My Parking secures ₹19.2 crore in Series A round

The newly raised funding will be used by the company for further product enhancement besides expanding its operations to other cities in India as well as overseas.

Parking Solutions provider Get My Parking has today announced that it has raised ₹19.2 crore ($3 million) in its Series A round of funding. The funding was raised from IAN Fund, BEENEXT, and Indian Angel Network.

The newly raised funding will be used by the company for further product enhancement. Prior to this funding round, the company had earlier raised around ₹7.35 crore in its pre-Series A round. Before that, it raised around ₹2.5 crore in a seed funding round from The Chennai Angels, a group of angel investors.

Commenting on this development, Chirag Jain, co-founder and CEO, Get My Parking said,

Existing parking experience tends to take a big chunk of time and fuel; this is where Get My Parking delivers a hassle-free parking experience to every automobile owner. Our dedicated team works towards digitization, integration, and automation of the parking industry while simultaneously catering to the global mobility trends.

Get My Parking has been working on an innovative model to solve the rising parking problems. It has created a cloud-based mobile parking technology, which makes real-time parking information accessible for both the supply and demand side.

Founded by Chirag Jain, Rasik Pansare and Rahul Gupta, the company currently claims to be processing about 1.7 million parking tickets a month in the Delhi-NCR region. With the fresh funding, it intends to expand to more cities, both in India and overseas.

The company is now all-set for international growth, and already has contractual partners in 15 countries to cater to the needs of global parking solution. It recently landed in Taiwan with a pilot of their technology with on-street sensors is taking place.

The platform provides city dashboards and enforcement applications for government authorities, cashless parking management system, along with revenue analytics for contractors, APIs for mobility providers, and integrations with hardware manufacturers.