Smart parking startup Get My Parking has raised Series A funding of $3 million (Rs. 19.20 crores) from its existing investors IAN Fund, BEENEXT, and Indian Angel Network.

The startup will use the capital to upgrade its Internet of Things (IoT) platform, and strengthen its business. The Delhi and Bangalore headquartered Get My Parking said in a statement that it is set to offer its services in 15 countries via contractual partners, and it has already running pilots in Taiwan and Indonesia.

How Get My Parking works?

Get My Parking provides IoT-based parking platform to digitize parking spaces. Its mobile app has a dashboard which provides view of all the parking lots in the city and allows users to search, and navigate to relevant parking, and make cashless payments. The startup has mobile apps for both, consumers as well as suppliers of a parking space, which provides real-time parking updates to both.  Founded in 2015, it claims to process 1.7 million tickets per month. It has services at 300 locations in Delhi as of now and has provided services at events like IPL and the Kumbh Mela, where it deployed 400 mobile ticketing systems.

Previous funding

-Previously in February this year, the startup had raised $1.1 million (Rs.7.35 crores) as pre-series A funding from Indian Angel Network (IAN), BEENEXT, The Chennai Angels (TCA), and Sunil Munjal (Hero group).

-In May last year, the startup had raised $376k (Rs. 2.5 crores) as angel investment from The Chennai Angels.

Competition

-Get My parking competes with the startups such as PparkeConstaPark, ParkingRhino, and Parkingwale, which are too trying to solve the same problem.

-ParkingRhino, has been selected by the State Government of Karnataka as part of its 100 most innovative start-ups, which will get a funding support of about Rs 35 crore from the government. The startup was also one of the selected startup in Google’s 4th Edition of Launchpad Accelerator Program.

-Early this year,  Bangalore-based PParkE raised an undisclosed amount in seed funding from Singapore-based early-stage investment firm SB Ventures. PParkE is also an IoT-enabled parking solution provider which is available in seven cities in India and has expanded to Manila in the Philippines.