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Get My Parking (GMP) — a Bengaluru-based mobility and smart parking startup — on Thursday said it has raised Rs 43 crore in a fresh funding round led by IvyCap Ventures. Existing investor IAN Fund also participated in this round, while Masterkey Holdings served as the investment banker.

The startup will use the new funds to scale its IoT platform and extend its footprint in the US, LATAM, and Australian markets. GMP also plans to use the capital for hiring and expanding its team, with a focus on engineering and product departments.

Founded in 2015 by Chirag Jain and Rasik Pansare, GMP’s open IoT platform is an end-to-end digital enabler for parking operators and facility managers around the world. It empowers them to offer their end-consumers online discovery and transaction capability.

The startup’s technology upgrades physical parking lots into digital mobility hubs with contactless access and cashless payments. To date, Get My Parking has digitised over 3,000 parking lots across India, Europe, and the US.

Speaking about the new development, Chirag Jain, CEO, Get My Parking, said,

“We are very excited for what lies ahead of us. Parking is an under-utilised real estate that is uniquely positioned to serve the changing urban needs. Our technology enables seamless use of parking for shared mobility, storage, and deliveries for ecommerce, EV charging, and on-the-fly automotive services. With our modular, affordable yet cutting-edge technology, we are confident of transforming parking lots into mobility hubs worldwide.”

Commenting on the funding, Vikram Gupta, Founder and Managing Partner, IvyCap Ventures, said, “We are impressed by the Get My Parking team and what it has achieved in an underserved sector. We believe in the combination of their talent, technology, and strategy to truly transform the parking and mobility industry globally. Our investment in the company is aimed at helping them in their expansion and growth.”

Get My Parking is working closely with automotive and logistics companies to solve the parking piece of the mobility puzzle. Recently, it announced a collaboration with Mercedes-Benz to assist end-users in discovering and navigating to a relevant parking lot.