Smart parking startup Get My Parking has secured $3 million (Rs 19.2 crore) in its Series A funding round from IAN Fund, and existing investors Beenext and Indian Angel Network, a press statement said.
The company will use the new capital to upgrade its Internet of Things platform, the statement added.
The Get My Parking app provides commuters and enterprises real-time parking updates. The firm’s platform also offers dashboards and enforcement applications for government authorities, a cashless parking management system with revenue analytics for contractors, APIs for mobility providers, and integrations with hardware manufacturers.
The company claims to have successfully deployed its technology across 300 locations in Delhi and at mega events like the Kumbh Mela and Indian Premier League.
The mobile app also provides information about legal parking lots and allows users to search, book and navigate relevant parking areas.
In February this year, the company had raised $1.1 million (Rs 7.35 crore) in pre-Series A funding from IAN, venture firm Beenext, The Chennai Angels, and Hero Corporate Services chairman Sunil Munjal.
“Our dedicated team works towards digitisation, integration, and automation of the parking industry while simultaneously catering to the global mobility trends,” said Chirag Jain, co-founder and chief executive of the startup.
The company was founded in June 2015 by Jain, an IIT Madras alumnus, and Rasik Pansare, an FMS Delhi alumnus.
Another venture that offers parking solutions includes Bangalore-based Pristech Technologies Pvt Ltd, which runs parking solutions app PParkE. The firm secured its seed funding from Singapore-based early-stage investment firm SB Ventures in January this year.