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Founded by IIT Delhi graduates Prateek Garg, Vishva Sharma, Rahul Gupta, Rishabh Nagpal, and Ratan Sethi in 2019, ParkSmart allows people to search, reserve, and pay for a parking spot through a mobile application. It also provides IoT-based smart parking solutions for malls, hospitals, institutes, and corporates, among others.

Founder Rishabh Nagpal explains that the parking problem requires digitization at both the demand, and the supply side. On the demand side, the startup allows users to book their spot, whereas on the supply side, it solves the problems of the parking operator by leveraging technologies like IoT. The size of this industry is going to exponentially increase in coming times as most vehicles are parked 95 percent of the time. However, the digitization of the parking industry in India is still in its nascent stage and it will take time before we significantly utilise the potential in terms of the large parking data that can be collected, analyzed and effectively used.

According to a statement released by ParkSmart, the raised funds will be utilized to innovate futuristic technological solutions for the Indian parking industry, funding purchase orders for the existing IoT solutions, and increasing the number of parking spots available for booking for its users. 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.”

This is ah! Ventures 57th investment, taking its total investment portfolio to Rs 178 crore in over 42 startups and 57 investments with nine exits to date.