[Funding alert] Smart parking platform ParkSmart raises seed capital from Campus Fund and industry veterans
The Delhi-based smart parking management platform will use the funding to expand across geographies and add senior members to the core team.
Monday May 17, 2021,
3 min Read
Delhi-based smart parking management platformhas raised an undisclosed amount of funding from Campus Fund and angels like Dilesh Gathani, Shireen Rangaswamy amongst others.
The funds would be deployed to expand across geographies and add senior members to the core team.
Campus Fund is the key institutional investor in this round - a micro-VC fund aimed at supporting student entrepreneurs.
Anika Bhasker, Partner at Campus Fund said,
“ParkSmart is elevating the supply of digitised parking lots in the country and then going to the demand side. Its relentless focus on customer service driven by remote-controlled solutions that can be centrally operated, allows 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.”
ParkSmart was founded by IIT Delhi graduates Rahul Gupta, Rishabh Nagpal, Vishva Sharma, Prateek Garg and Amity grad Ratan Sethi in 2019.
The startup aims to digitise India’s parking industry by providing an IoT-based solution. For parking operators, it improves efficiency of their parking operations, enables digital payments and provides IoT based automation.
For parking contractors, malls and societies; ParkSmart manages their parking lots remotely and provides them with revenue analytics, smart alerts, auditing tools amongst others, digitising them with real-time information. For consumers, the company improves the discoverability of parking spots by showcasing real time availability and providing for advance booking.
ParkSmart has built a hybrid PaaS solution with IoT at its core and has digitised around 200 parking lots in Delhi, Bihar, UP and Goa. Its robust system can digitise any sort of unorganised parking space in less than 120 seconds. It also helps public parking spaces and RWAs to manage their parking better.
“At ParkSmart, it is our constant endeavour to build a digitised 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,” added Rahul Gupta, CEO of ParkSmart.
According to Gulshan Dhanani, another Partner at Campus Fund, majority of the parking operations in India are cash-dominated and unorganized, which makes it difficult for upcoming trends in the industry (which are also being actively endorsed by the governments) 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 said.
Edited by Anju Narayanan