The 18-month-old start-up from Delhi, which provides cloud-based mobile parking technology has raised pre-Series A funding of $1.1 million (Rs 7.35 crore) from Indian Angel Network and Chennai Angels.
Founders Chirag Jain and Rasik Pansare have developed an app that helps suppliers (enterprise solutions), government (smart city solutions) and consumers (mobile app) find parking spaces even before they reach their destination.
The real-time application lets users search, book and navigate to legal parking spots, and pay online or use mobile wallets for e-tickets.
The 50-member company not only earns revenue from parking charges and through technology subscriptions to contractors, but also through hyper- local advertisements with coupons printed on parking tickets and corporate events such as the Kumbh Mela. Other potential revenue streams in process are value-added services and data analytics for real-time parking data.
With the Indian market opportunity pegged at $17 billion and the industry suffering from revenue leakage and lack of transparency, the company claims to have low competition and high barriers from peers such as Parking4Sure, Parkwheels and GetParked.
For its B2B app, it has partnered with L&T, Wipro, TCS, Cisco, IBM and Intel, while its B2C app is currently available across Delhi, Mumbai, Kolkata, Hyderabad, Indore, Chennai, Patna and Ranchi.
Processing 40,000 parkings per day on an average, the rates vary on the basis of location and duration, starting at a minimum of four hours.