Every medicine comes with its own side effects. Bangalore, with its sky-rocketing growth has its own challenges, and infrastructure is leading the way. When you go out for a movie on MG road, there are high chances you might miss the first ten minutes looking for parking. The problem for parking remains unsolved despite the fact that we have made several attempts to resolution by increasing the infrastructural facilities to accommodate growing number of vehicles in the city. In India, this search for parking space leads to a wastage of more than 90 liters of gasoline every hour per 1000 cars. However, Pristech Analytics, a Bangalore based startup is solving the problem in a very different manner.
Pristech has launched a parking platform, Pparke, that users can use to block the parking space before they venture out. It helps parking space owners and providers like malls, universities, airports, municipal corporations, as well as vehicle owners, by connecting them and helping them utilize their space for parking, solving this perennial problem.
Pristech Analytics was founded by husband-wife duo Pritam Ganguly and Shampa Ganguly in August 2013. At present, the company is being incubated at NS Raghavan Centre for Entrepreneurial Learning (NSRCEL) at IIM Bangalore.
Available on Google play and app store, once the user decides to leave home and go some place, they can search for the parking space through the map view and book the space by paying in advance. Once the user selects a space, he can make asecure online payment and head to the destination. In case the parking space is not available, the app guides the user to the nearest parking lot. If there is a change of plan, people can also cancel their booking. However, the cancellation is largely governed by parking policies of the space.
Talking about the traction Ms. Ganguly says,
“You pay in advance and reserve a parking slot for yourself. Right now we’re charging the same amount as the parking provider charges. Some malls have already registered with us, and we have around 200 people using it so far. We plan to do this in schools and offices which are closed on weekends, especially in the heart of the city.”
Pristech Analytics has partnered with Prestige and Gopalan enterprises, too, for-off street parking. They’re also working with CISCO/ELCIA team for on-street parking in India, including a couple of projects overseas in this space.
Opportunity in this area is very vast and the market is still ripe. "Organized parking sector is a more than $40 million industry, while unorganised parking sector is a more than $300 million industry, and growing at a combined annual growth rate of around 20-30%", says Ms.Ganguly.
Other players in this space are CPS(parking for sure) and Upark, both of whom are active in the off-street parking space.
However, the problem is big enough for multiple players to enter and solve it at the same time. The differentiating factor for Pparke is their app provides the users with ability to reserve the parking spots in advance. It also provides analytics related to trends, pricing decisions and information about revenue management, slot management etc.
Looking at the future, it can be easily judged that startups in this area are going to flourish as parking is a problem faced by almost everyone, and efficient technology solutions are the way to go.