ParkMate, a Moradabad-based auto tech start-up, has disrupted the Indian smart parking market since its inception in 2021. ParkMate Founder and CEO Dhananjay Bharadwaj got the idea of the company followed by an incident where his car was towed away from a government-authorized parking lot and got damaged in the act. The start-up offers smart, hyperlocal, and on-demand parking solutions to users through its app-based platform. With a current valuation of $350.55 million, the Indian smart parking market is projected to reach $593.63 million by the year 2028, growing at a CAGR of 11.11%, according to Research and Markets. ParkMate’s innovative solutions have helped it gain traction in the market and attract investment from We Founder Circle.
|Headquarters||New Delhi, India|
|No. of Employees||11 – 50|
ParkMate’s Parking Services and Specifications
ParkMate’s app-based platform offers real-time confirmed parking services to users, tracking parking availability and providing real-time data on the status of parking. The platform’s algorithm extends the geo circle to provide information on parking availability beyond the current location. In addition, ParkMate has developed the Trishool system, which enables automatic scanning of license plates and entry logging using HD cameras, an inbuilt controller, and its in-house software. The start-up has also introduced the Kavach System for residential complexes and automobile dealerships. They share 360-degree images of the vehicles with the customers before and after delivery.
ParkMate’s platform offers 14 modes of payments integrated within the app, with the option for customers to pay by cash. It charges Rs 49 in Tier I cities and Rs 30 in Tier II cities. The start-up has witnessed a retention rate of 55% on its platform, with over 75,000 downloads on Android and iOS. Initially, Parkmate’s funding was bootstrapped by the founders investing 9 lakh rupees from their savings. The start-up is now showcasing a quarter-on-quarter growth of 1.5X and is looking to tap on a Rs 4 crore revenue mark by the end of FY23.
ParkMate Tapping on a Significant Problem
Car parking has been a significant problem in India, with drivers wasting up to 19 minutes to find a parking spot in Delhi, according to an IBM survey. ParkMate’s platform aims to address these parking issues, easing traffic congestion and providing easier access for customers to major markets. Within a short span of starting its services in Lucknow’s Hazratganj, the start-up has already parked more than 3,000 cars. Its SMART parking facility has the potential to automate major parking in Uttar Pradesh in the near future, generating more economic opportunities for the cities.
ParkMate ensures the safety of the customer’s vehicle through its attendant verification process, which includes a 12-day training program. The program trains employees in several domains such as handling customers, provides driver training for different vehicles, application usage, and crisis management, and educates them about basic legal know-how. Currently, the start-up has 50 attendants and 18 employees working with them.
ParkMate Potential to Revolutionize Indian Parking Spaces
Conclusively, ParkMate’s innovative solutions have the potential to revolutionize the smart parking industry in India. The start-up’s success in Uttar Pradesh has demonstrated the viability of its SMART parking facility, which can ease traffic congestion and generate economic opportunities for crowded cities. With its strong focus on safety and customer satisfaction, ParkMate is poised to become a major player in the Indian auto tech industry.
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