Parking is a huge problem in India, especially in metro cities. No matter where you are heading to, be it office, workplace or shopping malls, the process of finding parking space is the real pain in the neck.
The existing gap between parking and mobility stakeholders unnecessarily cost people time, fuel, and energy on parking problems.
It is to bridge this gap and act as connecting platform digitally, Get My Parking (GMP), end-to-end IoT based platform for smart parking, was conceived and launched by Rasik Pansare and Chirag Jain three years ago.
The Delhi-based startup provides advanced parking analytics solutions to stakeholders. It claims to have been processing over 70,000 transactions every day.
Besides, allowing people hassle-free search, navigation and booking for parking space, the platform has been working on multiple products which will be next big things in the parking industry.
First, corporate product
Last week, GMP piloted its first corporate product for parking at the Ithum, an IT park in Noida, for business houses and corporate parks.
“Employees can now see whether parking is available or not in the office building and their corporate park. The app will also give notification if the parking space around their offices get filled and provide an alternative option for parking for employees,” says Rasik Pansare, one of the two co-founders and CMO of Get My Parking.
Corporate firms can now book parking space online through the app. GMP has been approached by around ten corporate parks for the parking solution, confirms the co-founder.
Second product the company piloting is automated parking. It offers vehicle automated entry and exit, as well as automated billing of parking processes.
“We have been talking to automobile manufacturers like Toyota, Ford, and Mercedes to pre-install the parking app inside the car to allow voice interface,” adds Pansare.
The cooperation with Volkswagen has been established by APCOA and is run by APCOA (Europe leading parking operator) in partnership with Get My Parking. APCOA operates approx. 1.4 million car spaces at over 9000 locations.
After doing pilots in Indonesia and Taiwan, GMP has a pilot lined up for the US.
“We have received encouraging feedback from these countries”, quips Pansare.
GMP has also talked to the Indian government to replicate the automated system in the country. “We would love to deploy our technology across India. Unfortunately, we haven’t got a response from the govt. We are awaiting one”, says Pansare.
It plans to use the technology in smart cities. The IoT-based platform has participated in govt bid to provide parking solutions in two smart cities.
Currently, GMP is functional in three cities – Delhi, Bengaluru and Hyderabad. The startup has an 80-member team.
Talking about challenges, besides finding right talent Pansare says the Govt regulation is a major hurdle for a new startup. New startups are still not considered by the government for a govt project.
In India, GMP competes with Park India, Parkwheels and Parking Rhino. Globally, it competes with Streetline (parker), JustPark, Parkopedia, Appyparking, and SpotHero.
Online parking is in a nascent stage in India. According to a recent analysis by Frost & Sullivan, the parking industry is worth around $100 billion worldwide.
Business model and growth
GMP does direct sales to parking operators and government authorities involved in parking policy and enforcement. The platform earns through the monthly licence fee.
“We have been growing 20 per cent every month and aim to break-even by next financial year,” adds Pansare.
GMP has got a pool of investors including Indian Angel Networks, Chennai Angels, IndusAge Partners, and Sunil Munjal, among others backing it. Till date, the startup has raised around $4.5 million.
GMP vision is to make parking a sub-conscious experience for people. “We are doing that by digitizing parking globally,” claims the co-founder.
In the next two years, GMP aims to be the number one parking transaction company in the world.
“By March 2020, we aim to do 10 million transactions every month and expand to 25 countries in the world, “ concludes Pansare.