Delhi-based smart parking platform Get My Parking has entered into an agreement to acquire Bangalore-based Constapark. Post-acquisition, the Constapark 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 GMP's leadership in the domestic market.
The acquisition comes after Get My Parking raised $3 million in a Series A round from its existing investors in September 2017. The firm has raised $4.5 million in total so far.
“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,” said Chirag Jain, CEO GMP.
Constapark was founded by Chetan Chauhan and Mehul Pangtey in the year 2015, with a vision of creating a digital parking ecosystem. Constapark manages 30,000 parking spots on its platform and parks 4,000 vehicles on a daily basis across Bangalore. It has implemented on-street parking management for the Electronic City in 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,” said Chetan Chauhan, Co-founder Constapark.
“Both the teams are aligned on common objective and we are glad to consolidate our efforts to achieve the same,” said Mehul Pangtey, Co-founder Constapark.
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 $100 billion, according to figures by Frost and Sullivan. Unorganized parking affects citywide mobility, congestion, pollution, and government revenues.