ParkMate offers parking hardware and software solutions to hotels and shopping centers in Delhi-NCR and Lucknow. It was founded by Dhananjaya Bharadwaj after his new car was towed away and damaged. The company hopes to make Rs 4 crore in revenue this year.
In 2019, even though the parking attendant had parked it for him, Dhananjaya Bharadwaj’s new automobile was towed from a government-approved parking lot. The attendant presented Bharadwaj the parking permit, which said, “Parking is at the owner’s risk,” and when the customer inquired, the worker flatly rejected any liability.
Dhananjaya Bharadwaj says, “Even worse, my car got damaged while getting towed, and I had to spend over Rs 1 lakh to get the car repaired as I could not claim insurance.”
In India, there has been a serious parking issue. According to an IBM study, it might take a car up to 19 minutes to find a parking spot in Delhi. Mumbai and Bengaluru are experiencing an even worse condition.
Bharadwaj and Abhimanyu Singh, whom he had met during the Call of Duty World Tournament, collaborated to develop ParkMate as a solution to these parking problems.
ParkMate is an app-based autotech company that was established in 2021 and provides smart, hyperlocal, and on-demand parking solutions. It keeps tabs on a location’s parking options and obtains up-to-date information on the situation with the parking. It also offers other services like the Trishool system, a hybrid FASTtag+ANPR+UniPay enabled system that automatically scans license plates and authorizes/logs vehicle entrance as necessary.
The Kavach System was created by ParkMate specifically for apartment buildings and car dealerships. Users only need to enter the location they wish to visit on the ParkMate app, and once there, a personal valet is waiting to greet them. ParkMate offers consumers OTP-verified and GPS-tagged automobiles. It has over 75,000 downloads and 55% retention. The company, which was bootstrapped with Rs 9 lakh from the founders’ savings, is growing 1.5X quarter over quarter and hopes to make Rs 4 crore in revenue this year.
ParkMate now provides parking software and hardware solutions to hotels and malls in Lucknow and Delhi-NCR. Additionally, it offers specialized insurance plans to protect automobiles against harm to third parties or other damages. With the assistance of Lucknow Nagar Nigam and the Hazratganj Trader Association, it introduced the first FASTag-enabled smart parking system for the Uttar Pradesh government in February 2023.
For the purpose of hiring new employees and growing its workforce in September 2022, ParkMate has received an unknown sum of money with the help of We Founder Circle. By the end of the current fiscal year (2023), it hopes to service around one million clients and roll out membership options that provide consumers unrestricted parking wherever. Additionally, it intends to extend its geographic reach beyond Tier I, II, and III regions, leading to its eventual emergence as the parking industry’s go-to problem-solver.