Source: Entrackr
In Bengaluru, Get My Parking, a smart parking technology company, is raising ₹21.6 crore (about $2.5 million) in a new funding round. This is an add-on to Get My Parking’s previous Series A round. The new round is being led by existing investor IvyCap Ventures, along with Legacy Assets LLP and a cohort of individual investors.
This investment comes four years after Get My Parking raised $6 million in its first Series A round of funding in May 2021, which was also led by IvyCap Ventures.
According to the company’s filing with the Registrar of Companies (RoC), the board has agreed to issue 3,923 Series A2 compulsory convertible preference shares at an issue price of ₹55,088 per share. IvyCap will contribute ₹13 crore and Legacy Assets will invest ₹3 crore. The remaining amount will be provided by investors including Manish Kohli, The Sarvasva Trust and other seven individual investors.
Valuation Rises
Startup news site Entrackr reported that the new funding will increase Get My Parking’s valuation by around 90% to ₹335 crore (around USD 39 million). The company’s previous round valuation was ₹177 crore in 2021.
What the Company does
Get My Parking was established in 2015 by Chirag Jain and Rasik Pansare. The company offers Internet of Things (IoT)-based smart parking solutions, empowering parking operators to digitize their parking lots and operate them digitally. Core functionalities include automated entry and exit for vehicles, digital payments, and real-time information about parking availability.
According to startup data intelligence platform TheKredible, Get My Parking has raised upwards of $10 million, since it was established in Bengaluru, where it is headquartered. Its major shareholders include IvyCap Ventures, which holds 15.87%, while the leading European parking company, APCOA, holds 12%.
Financial performance
Get My Parking has demonstrated significant growth in the 2023-24 financial year. The company reported a more than 50% rise in operating revenues of ₹29.4 crores and a 57% reduction in losses to ₹6.5 crores.
The investor funds profile specifically states that the funds raised from this round will be used for the company’s working capital requirement, operational needs, and expansion plans.
Market Competition
Since Get My Parking operates within an attractive market, there are competing startups, including Park+ which is backed Peak XV, and reported revenue of ₹131 crore in FY24; and other competitors include Parky and Park Smart.
