[Funding alert] ParkSmart Smart Parking Platform Raises Seed Capital from Campus Fund and Industry Veterans
Delhiintelligent parking management platform based on ParkSmart raised an undisclosed amount of funding from Campus Fund and angels love Dilesh Gathani, Shireen Rangaswamy among others.
The funds would be deployed to expand across geographies and add senior members to the core team.
Campus Fund is the main institutional investor in this cycle – a micro-venture capital fund intended to support student entrepreneurs.
Anika Bhasker, associate of the Campus Fund mentionned,
“ParkSmart is increasing the supply of digitized parking in the country and then shifting to the demand side. Its constant focus on customer service through remote controlled solutions that can be centralized, enables rapid resolution of all issues that parking operators face with technology. It is a technological company that participates in the vision of the smart city for the country. “
ParkSmart was founded by graduates of IIT Delhi Rahul Gupta, Rishabh Nagpal, Vishva Sharma, Prateek Garg and Amity grad Ratan Sethi in 2019.
The startup aims to digitize the parking industry in India by providing an IoT-based solution. For parking operators, it improves the efficiency of their parking operations, enables digital payments and provides IoT-based automation.
For parking contractors, shopping malls and corporations; ParkSmart manages their car parks remotely and provides them with revenue analyzes, smart alerts, audit tools, among others, by digitizing them with real-time information. For consumers, the company improves discoverability of parking spaces by presenting real-time availability and scheduling a reservation in advance.
ParkSmart built a hybrid PaaS solution with IoT at its core and digitized around 200 car parks in Delhi, Bihar, UP and Goa. Its robust system can scan any type of unorganized parking space in less than 120 seconds. It also helps public car parks and RWAs to better manage their parking.
“At ParkSmart, we are constantly striving to create a digitized parking ecosystem that is beneficial to businesses and customers in general. Through hardware and software integration, we aim to reach and expand into the untapped market, as much can be done to make parking hassle-free. Not only products and services, it’s our commitment to what we deliver that sets us apart from others, ”added Rahul Gupta, CEO of ParkSmart.
According to Gulshan Dhanani, another Campus Fund partner, the majority of parking operations in India are cash dominated and unorganized, making it difficult for upcoming industry trends (which are also actively endorsed by governments) like dynamic pricing, digital payments, real-time availability, etc.
“Off-street and on-street parking lot owners, institutes, businesses and residential companies are looking to embrace smart parking solutions, and some technology parks have already done so. ParkSmart is creating an IoT-based, digitally-based smart parking solution for these parking operators, ”said Gulshan.