Get My Parking acquires Constapark in a consolidation move
Delhi-based smart parking platform Get My Parking, one of the exhibitor at Parking InfraTech Expo, recently acquired Bangalore based Constapark. Post-acquisition, the Constapark founders and team will join the Bangalore office of Get My Parking. This acquisition is a sign of consolidation in the rapidly evolving mobility industry and will help strengthen the domestic market leadership of Get My Parking.
The acquisition comes on the heels of Get My Parking’s recent $3 million Series A funding. Investors who participated in that round included their existing pre-series A investors, IAN Fund, BEENEXT and others. They have raised $4.5 million in total so far.
Talking about the acquisition, Chirag Jain, CEO, GMP, said, “We value the immense experience that the Constapark team brings to the table, especially now that we are expanding our footprint both domestically and globally.” Co-founder Rasik Pansare added, “For any organization, including ours, the team forms the core foundation. As such, we are enthusiastic about this deal as the Constapark team has a proven passion and execution expertise around solving parking.”
Talking about the move, one of the co-founders Chetan Chauhan said, “We started Constapark, with a desire to solve the parking problem and Get My Parking shares like-minded mission to create sustainable parking ecosystem.” Co-founder Mehul Pangtey added, “Both the teams are aligned on common objective and we are glad to consolidate our efforts to achieve the same.”
Founded in July 2015, Get My Parking has digitized more than 300 parking locations that process two million parking transactions monthly. They have done some stellar projects like Maha Kumbh Mela in 2016 where they digitized 400 hectares of parking space in Ujjain for 200,000 car spaces. They were recently awarded the Amazon AWS Mobility Awards 2017 for Travel App of the Year (emerging).
GMP provides an interoperable, plug-n-play platform to parking operators and smart cities. This enables any type of parking to be digitized and connect to consumer mobility, offering seamless parking experience across all touch points. It now has two projects outside India and is hiring across technology and business profiles for international growth. They plan to be in 16 countries by next financial year.
Constapark manages 30,000 parking spots on its platform and parks 4000 vehicles on daily basis across Bangalore. In year 2015, CNN IBN & Ericson chose it as Top 5 start-up. It implemented on street parking management for Electronic city, Bangalore, and subscription and ticketless parking for Bangalore Metro Rail Corporation Limited.