ParkSmart funding

parksmart funding

Smart parking management platform ParkSmart announced that it has raised an undisclosed amount of funding from Campus Fund and angel investors including Dilesh Gathani, Shireen Rangaswamy amongst others.

The funds would be used to extend across geographies and add senior members to the core team. Campus Fund is the chief institutional investor in this round.

Commenting on the investment, Anika Bhasker, Partner at Campus Fund said, “ParkSmart is elevating the supply of digitized parking lots in the country and then going to the demand side. Its relentless focus on customer service is driven by remote-controlled solutions that can be centrally operated and allow for quick resolution of any problems that parking operators face with technology. It is a technology company that is playing a part in the smart city vision for the country.”

The Delhi-based startup was established by IIT Delhi graduates Rahul Gupta, Rishabh Nagpal, Vishva Sharma, Prateek Garg, and Amity graduate Ratan Sethi in 2019.

The startup strives to digitize the country’s parking industry by offering an IoT-based solution. For parking operators, it increases the capability of their parking operations, facilitates digital payments, and offers IoT-based automation.

For parking contractors, malls, and societies, ParkSmart handles their parking lots remotely and gives them revenue analytics, smart alerts, auditing tools amongst others, digitizing them with real-time information. 

For consumers, the company enhances the discoverability of parking spots by showing real-time availability and providing for advance booking.

ParkSmart has developed a hybrid PaaS solution with IoT at its core and has digitized about 200 parking lots in Delhi, Bihar, UP, and Goa. Its strong system can digitize any kind of unorganized parking space in under 120 seconds. It also supports public parking spaces and RWAs to handle their parking better.

Rahul Gupta, CEO of ParkSmart said, “At ParkSmart, it is our constant endeavor to build a digitized parking ecosystem which is beneficial for businesses and customers at large. Through hardware and software integration, we aim to reach and expand in the untapped market, as a lot can be done to make parking hassle-free. Not just products and services, it is our commitment towards what we deliver that sets us apart from the rest.”

As per Gulshan Dhanani, another Partner at Campus Fund, most of the parking services in India are cash-dominated and unorganized, which makes it challenging for upcoming trends in the industry like dynamic pricing, digital payments, real-time availability, etc.

“Parking lot owners in off and on-street spots, institutes, corporates, and residential societies are looking to adopt smart parking solutions, and some technology parks have done that already. ParkSmart is building a digital-first, IoT-based smart parking solution for these parking operators,” Gulshan added.

ParkSmart appears to be an interesting platform in the parking industry offering unique IoT-enabled solutions. The startup seems to have a very promising future. My best wishes to the team of ParkSmart.

Shishir Gupta, Founder and CEO, StartupLanes

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