Post-acquisition, the Constapark founders and team will join the Bengaluru office of GMP. 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.
This acquisition comes on the heels of the company's recent USD 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 USD 4.5 million in total so far.
GMP was founded in July 2015 by Chirag Jain and Rasik Pansare with the aim to digitise the fragmented parking industry. Since then the team has grown to 65 members with offices in Delhi and Bangalore. GMP has digitised 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 digitised 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.
"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," said Chirag Jain, CEO GMP.
GMP now has two projects outside India and is hiring across technology and business profiles for international growth. This global outlook in strategy came after they won the Tech Rocketships Award by British government at the UK-India Tech Summit and were taken to UK for exploring opportunities. They plan to be in 16 countries by next financial year.
Constapark was founded by Chetan Chauhan and Mehul Pangtey in the year 2015, with a vision of creating digital parking ecosystem. Constapark manages 30,000 parking spots on its platform and parks 4000 vehicles on daily basis across Bengaluru. In year 2015, CNN IBN and Ericson chose it as Top 5 startup. It implemented on street parking management for Electronic city, Bangalore, and subscription and ticketless parking for BMRCL (Bangalore Metro Rail Corporation Limited).
"We started Constapark, with a desire to solve the parking problem and Get My Parking shares like-minded mission to create sustainable parking ecosystem." Mehul Pangtey added, "Both the teams are aligned on a common objective and we are glad to consolidate our efforts to achieve the same," said Chauhan.
Globally, the smart parking space is seeing a spree of consolidation. In recent months, BMW has acquired American startup Parkmobile, Dish Network has acquired ParkiFi, and Volvo has acquired valet parking startup Luxe. This is not surprising, considering that the global parking market is worth over USD 100 Billion as per Frost and Sullivan. Unorganized parking affects citywide mobility, congestion, pollution, and government revenues. This long ignored problem will finally get innovative solutions now that startups like Get My Parking are aggressively making a move.
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