ParkSmart builds hardware and software platforms for smart parking, offering Parking Flow Management, Advanced Revenue Analytics, Security Tools and Parking Spot Leasing capabilities. The company targets Smart Cities, residential properties, malls, corporate and public parking and works as a B2B SaaS provider. ParkSmart operates across seven states, serves 300+ residential societies, two smart cities and one airport, and manages a network of over 1,300 parking lots. It handles monthly traffic of over one crore vehicles and generates parking tickets worth INR 400 crores annually. The founders are Rahul Gupta, Rishabh Nagpal, Vishva Sharma, Prateek Garg and Ratan Anmol Sethi. ParkSmart has strategic collaborations with MyGate, SIS and Acko. The company says it will use the recent funding to accelerate growth, expand its footprint and further develop its offerings. ParkSmart, founded in 2019 by IIT Delhi graduates Prateek Garg, Vishva Sharma, Rahul Gupta, Rishabh Nagpal and Ratan Sethi, is a Delhi-based parking reservation and smart-parking solutions provider. The company’s core product is a mobile application that enables users to search, reserve, and pay for parking spots, while it supplies IoT-based smart parking systems to malls, hospitals, institutes and corporates. ParkSmart positions itself to digitize both demand (user bookings) and supply (operator-side operations) by leveraging IoT and aiming to integrate deep technologies like AI for improved efficiency. The startup emphasizes the large data potential from parking lots and the nascent state of parking digitisation in India. According to the company, the raised funds will be used to develop futuristic technological solutions, finance purchase orders for existing IoT offerings, and increase the number of parking spots available for booking.

Total raised

$0M

Funding rounds

2

Latest round

Equity

Latest activity

Jul 2020