ParkSmart Secures Funding from Japanese Investors and Gruhas - Nikhil Kamath's Proptech Fund
Mar 27, 2024
BusinessWire India
Bangalore (Karnataka) [India], March 27: ParkSmart, a leading B2B SaaS company focused on building the largest inventory of parking spaces by providing smart parking solutions, has announced its investment from Sin Growth Partners led by Hiro Mashita, Gruhas Proptech, strategic angels including Rajveer Ranawat (ex MD, AIG Direct Investments Europe) and Ameet Desai (ex Group CFO, Adani Group).
Founded by five visionary entrepreneurs - Rahul Gupta, Rishabh Nagpal, Vishva Sharma, Prateek Garg (all from IIT Delhi) and Ratan Anmol Sethi (Amity University), ParkSmart aims to digitize unorganized parking spaces across various domains including Smart Cities, Residential Properties (Societies), Malls, Corporate Parking, and Public Parking. The company provides comprehensive Hardware & Software solutions for Parking Flow Management, Advanced Revenue Analytics, Security Tools and Parking Spot Leasing facilities.
ParkSmart has rapidly expanded its footprint and currently operates in seven states, serving 300+ Residential Societies, 2 Smart Cities and 1 Airport. With a network of over 1,300+ Parking Lots, the company manages monthly traffic of over one crore vehicles, generating parking tickets worth Rs 400 crores annually. ParkSmart has strategic collaborations with MyGate, SIS and Acko.
Commenting on the funding round, Rahul Gupta, CEO of ParkSmart, expressed gratitude for the support received from investors. "This funding round marks a significant milestone for ParkSmart as we continue our mission to revolutionize parking solutions. We are thrilled to have the support of Hiro San and Gruhas, enabling us to accelerate our growth and further enhance our offerings."
Richa Bajpai, Founder of Campus Fund, commented, "We are immensely grateful to Nikhil Kamath, Abhijeet Pai of Gruhas, Ameet Bhai and to our investors Hiro San and Rajveer for their continued support in empowering student entrepreneurs on their journey to build innovative solutions from India for the world."
ParkSmart is all geared up for further expansion and innovation in the realm of smart parking solutions, leveraging its recent funding to become an integral part of India's infrastructure narrative.
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