GMP News

Get My Parking Acquires Constapark; strengthens commitment to smart parking2 min read

Apr 27, 2018 2 min
Get My Parking Acquires Constapark

Get My Parking Acquires Constapark; strengthens commitment to smart parking2 min read

Reading Time: 2 minutes

Get My Parking adds new members to the family today. We are pleased to announce that we have entered into an agreement to acquire Bangalore-based Constapark. Post-acquisition, the Constapark team will join our Bangalore office. This acquisition is a sign of consolidation in the rapidly evolving mobility industry and will help strengthen our leadership in the domestic market. For an organization, the team forms the core foundation. As such, we are enthusiastic about this deal as the Constapark team has a proven passion and execution expertise around solving parking woes.

Our team has been through a journey of challenges and continuous learning since we commenced operations in 2015. We appreciate how tough building a smart parking business can be and pride ourselves on the domain experience we have gained. This makes us even more excited to welcome the Constapark team, which has been through a similar journey in the parking industry and will tremendously add to our shared experience.

“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.”

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. In 2015, CNN IBN & Ericson chose it as one of the Top 5 Startups. 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.”

– 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.”

– Mehul Pangtey, Co-founder Constapark

Globally, 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.

There’s still a long road ahead of us before we realize our mission of digitizing parking globally. We are fortunate to have a team that is experienced in the arena and remains committed to the dream.