ParkSmart, a Delhi based parking spot reservation platform, has now secured INR 1.5 crore from ah! Ventures with the participation from the Marwari Angels.
Founded by the Rahul and Rishabh in the year 2019. It allows people to search, reserve, and pay for a parking spot via a mobile app. It also offers an IoT based smart parking solutions for mall, institutes, hospitals, and corporates.
“The size of this industry can be estimated from a simple fact that our cars are ‘parked’ 95 percent of the time. The digitization of the parking industry in India is in its nascent stage and has a lot of untapped potential in terms of the large amount of meaningful data that can be collected from a single parking lot,” he adds.
Commenting on the investment, Subrata Patra, ParkSmart Deal Lead and Venture Partner, ah! Ventures said,
“Parking is nightmarish in large cities around the world. Urbanisation and the increasing middle class have not only aggravated the problem but also brought many more Indian cities and micro-markets to the fore. With the integration of deep technologies like AI, and with an extra push on operational efficiency, ParkSmart is well poised in solving parking pain-point at scale, and in clocking strong profitable growth in this high growth market.”