Smart parking startup Get My Parking has acquired Bangalore-based startup Constapark for an undisclosed amount. Post-acquisition, the Constapark founders and team will join the Bangalore office of Get My Parking.
This acquisition comes on the heels of Get My Parking’s recent $3 Million Series A funding from investors including IAN Fund, BEENEXT and others. The company said in a statement that it has raised a total of $4.5 million capital so far.
Founded in 2015, Constapark provides lists verified parking spaces on its app, which users can book as a monthly subscription. It claims that it manages about 30,000 parking spots on its platform and parks 4000 vehicles on daily basis across Bangalore.
The Delhi and Bangalore headquartered 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 2 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.
Company’s CEO said that the acquisition will help the company in expanding its footprint both domestically and globally. Get My Parking currently has 2 projects outside India and is hiring across technology and business profiles for international growth. The company plans to be in 16 countries by next financial year.
Get My parking competes with the startups such as Pparke, 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. In early 2017, 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.