ParkSmart, a parking spot reservation platform founded by graduates from IIT Delhi has raised INR 1.5 CR through ah! Ventures angel platform. Marwari Angels also participated in this round. This is ah! Ventures 57th investment taking its total investment portfolio to INR 178 CR with 9 exits till date.
Founded in 2019, ParkSmart allows its customers to search, reserve, and pay for a parking spot through a mobile application. It also provides IoT based smart parking solutions for malls, hospitals, institutes, corporates, etc.
“When I was 21, I had to grapple in broad daylight with one of my worst fears, i.e., to find a parking spot in Connaught Place; it took me almost 25 minutes to find it. I am sure many of us have experienced something similar. To highlight the gravity of the situation, India adds about 60,000+ passenger vehicles on its streets every day that only aggravates the situation with time. At ParkSmart, we are solving this by providing digital solutions where our users can book their spots in advance and get a reserved spot at the destination,” said Rahul Gupta – Founder, ParkSmart.
“The parking problem requires digitisation at both the ends, the demand, and the supply side. On the demand side, we allow users to book their spot and on the supply side, we also solve the problems of the parking operator, by leveraging technologies like IoT. The size of this industry can be estimated from a simple fact that our cars are ‘parked’ 95% of the time. The digitisation of the parking industry in India is in its nascent stage and has a lot of untapped potential in terms of the large amount of meaningful data that can be collected from a single parking lot,” said Rishabh Nagpal – Founder, ParkSmart.
Puru Modani, Director – Marwari Angels, said, “With vertical growth and high density in Tier 1 cities, efficient parking management is a complex challenge. We feel that ParkSmart has a good intervention to resolve this to a great extent.”
Subrata Patra, ParkSmart Deal Lead and Venture Partner, ah! Ventures said, “Parking is nightmarish in large cities around the world. Urbanisation and the increasing middle class have not only aggravated the problem but also brought many more Indian cities and micro-markets to the fore. With the integration of deep technologies like AI and with an extra push on operational efficiency, ParkSmart is well poised in solving parking pain point at scale and in clocking strong profitable growth in this high growth market.”
The funds shall be utilised to innovate futuristic technological solutions for the Indian parking industry, funding purchase orders for our existing IoT solutions, and increasing the number of parking spots available for booking for users.
Founder Contact: Rahul Gupta, rahul@parksmart.in , +91-99990 95885
About ah! Ventures
ah! Ventures is India’s only curated and the largest fundraising platform for early stage startups raising up to 10 MN USD. ah! Ventures has two platforms: angel platform, which helps startups raise upto 1 MN USD and high tables platform, which helps startups raised 1-10 MN USD. Today ah! angel and high tables platforms have over 62000+ startups, 2000+ seed/angel investors and over 1000 VCs & institutional investors registered with it. ah! angel and high tables platforms till date have invested close to INR 178 Cr (~ 25 MN USD) in over 42 startups and 57 investments and have announced 9 exits. ah! Ventures will be announcing five more investments totalling to about INR 70 CR (~11 MN USD) under both platforms in near future.
Founder contact: Abhijeet Kumar, abhijeet@ahventures.in