Get My Parking Secures Rs 21.6 Crore Funding for Expansion

Get My Parking, an AI-based parking management system, has successfully raised Rs 21.6 crore (approximately $2.5 million) in an extended Series A funding round. This round was led by existing investor IvyCap Ventures, with contributions from Legacy Assets LLP and several other investors.

This funding round comes four years after the company previously raised $6 million in May 2021, which was also led by IvyCap Ventures.

According to filings made with the Registrar of Companies (RoC), the board of Get My Parking authorised the issuance of 3,923 Series A2 compulsory convertible preference shares at a price of Rs 55,088 each to accumulate the Rs 21.6 crore.

Funding Details and Contributions

IvyCap Ventures is expected to lead this new round with an investment of Rs 13 crore, followed by Legacy Assets with Rs 3 crore. The remaining funds will be contributed by Manish Kohli, The Sarvasva Trust, and seven other individual investors.

Utilisation of Funds

The raised capital will be allocated towards fulfilling general business needs, inclusive of working capital and expansion strategies.

Company Valuation and Growth Prospects

As estimated by Startup Superb, Get My Parking’s valuation is anticipated to rise nearly 90% to Rs 335 crore (approximately $39 million) after this latest funding round, up from Rs 177 crore during its prior $6 million funding round.

Company Background

Get My Parking was founded in 2015 by Chirag Jain and Rasik Pansare, delivering smart parking solutions through IoT technology. This innovative approach allows operators to digitise their parking spaces, managing them effectively with features such as automated entry, digital payments, and real-time availability updates.

Funding History

According to various sources on startup data intelligence, the Bengaluru-based company has secured over $10 million since its inception. IvyCap Ventures holds the largest share as an external stakeholder, owning 15.87%, followed by APCOA, a leading parking operator in Europe, with a 12% stake.

Financial Performance

For the fiscal year ending March 2024, Get My Parking reported over 50% growth in operating revenue, reaching Rs 29.4 crore, while also reducing its losses by 57% to Rs 6.5 crore in the same period.

Market Competition

Get My Parking faces competition from Peak XV-backed Park+, which generated Rs 131 crore in revenue in FY24. Other competitors include Parky and Park Smart, among others.