Exclusive: Get My Parking to raise fresh funds at 90% valuation surge

AI-based parking management system Get My Parking is all set to Rs 21.6 crore (approximately $2.5 million) in an extended Series A round led by existing investor IvyCap Ventures with participation of Legacy Assets LLP and others.

This funding comes four years after Get My Parking raised $6 million in its Series A round in May 2021, led by IvyCap Ventures.

The company’s board passed a resolution to issue 3,923 Series A2 compulsory convertible preference shares at an issue price of Rs 55,088 apiece to raise Rs 21.6 crore, according to its filing with the Registrar of Companies (RoC).

Existing investor IvyCap will be leading the round with Rs 13 crore investment followed by Legacy Assets’ Rs 3 crore. The rest of the amount will be contributed by Manish Kohli, The Sarvasva Trust and 7 other individual investors.

The funds raised will be used to meet general business needs, including working capital requirements and expansion plans, the filing added.

According to Entrackr’s estimates, Get My Parking’s valuation is expected to rise by nearly 90% to Rs 335 crore (approximately $39 million) post-allotment, up from Rs 177 crore during its previous $6 million funding round.

Founded in 2015 by Chirag Jain and Rasik Pansare, Get My Parking offers smart parking solutions using IoT technology, enabling operators to digitize their parking spaces and manage them efficiently with features like automated entry, digital payments, and live availability updates.

According to startup data intelligence platform TheKredible, the Bengaluru-based company has raised over $10 million since its inception. IvyCap Ventures is the largest external stakeholder with a 15.87% stake, followed by Europe’s leading parking operator, APCOA, which holds a 12% stake.

Get My Parking reported over 50% growth in operating revenue to Rs 29.4 crore in the fiscal year ending March 2024, while reducing its losses by 57% to Rs 6.5 crore during the same period.

Get My Parking competes with the Peak XV-backed Park+ which posted Rs 131 crore revenue in FY24. The company also competes with Parky, Park Smart, among others.