Backed by funding of $4.5 million, GetMyParking acquires Constapark
Delhi-based startup GetMyParking, which enables vehicle parking through an app, has acquired Bengaluru-based startup Constapark for an undisclosed amount. The founders and team of Constapark, which offers parking solutions in Bengaluru, will now join the Bengaluru office of GetMyParking.
Constapark is SaaS platform that helps optimize parking operations by enhancing occupancy rate. Constapark aggregates parking spots across Bengaluru from parking vendors, malls etc. and provide information directly to the users on their mobile devices.
Rasik and Chetan told YourStory that talks for the acquisition started in November 2017, soon after GetMyParking raised $3 million in Series A funding. Rasik says this is a natural extension of the two startups’ journeys. “We share a dream – of solving the problem of car parking in busy cities.”
The Constapark story
Founded in 2015 by Chetan Chauhan and Mehul Pangtey, Constapark manages 30,000 parking spots on its platform and parks 4,000 vehicles across Bengaluru on an average day. They were among the top five startups chosen by CNN IBN & Ericson in 2015.
Chetan said, “We started Constapark, with a desire to solve the parking problem and GetMyParking shares a like-minded mission to create sustainable parking ecosystem.” Mehul added, “Both the teams are aligned on a common objective, and we are glad to consolidate our efforts to achieve the same.”
Constapark’s service is now functional in 320 locations in Bengaluru. It has implemented on-street parking management for Electronic city, Bengaluru, and subscription and ticketless parking for BMRCL (Bangalore Metro Rail Corporation Limited).
The GetMyParking story
GetMyParking, founded in the same year, is now a team of 65, with offices in Delhi and Bengaluru. Its mobile app gives a bird’s eye view of all legal parking lots and empowers users to search, book and navigate to relevant parking.
Co-founded by Chirag Jain and Rasik Pansare, GetMyParking claims to have digitised more than 300 parking locations that process two million parking transactions monthly. From Indian Angel Network, IAN Fund, Chennai Angels, BEENEXT, and angels, GetMyParking has raised a total $4.5 million so far.
GetMyParking has earlier won the Tech Rocketships Award by the British government at the UK-India Tech Summit and were also sent to the UK for exploring opportunities.
Huge market
Chetan says corporate office campuses are an unexploited space in the parking sector, and hence they will focus on it next. The two are jointly piloting outside Bengaluru and Delhi too.
According to research firm Frost & Sullivan, smart parking revenue is expected to grow globally at a CAGR of 17.9 percent to reach $43.084 billion in 2025. Aiming to go global, GetMyParking has already ventured into Taiwan, and is targeting the Middle East and Europe next with Costapark under its wing. It plans to be in 16 countries by next financial year.