Delhi-based startup Park Rooter has raised $8.5 million in a funding round led by EconomicTimes, along with participation from other investors. The company, which was founded in 2015, offers a range of services related to parking, including online booking, payment, and management.
The latest funding round will be used to expand the company’s services to new cities across India, as well as to enhance its technology platform and improve customer experience. The company currently operates in Delhi and Mumbai, and plans to expand to other cities in the near future.
According to Park Rooter, the parking industry in India is highly fragmented, with a lack of standardization and transparency. The company aims to address these issues by providing a centralized platform for parking services, which can be accessed through its website and mobile app.
The company’s platform allows users to search for parking spaces in their desired location, view real-time availability, and make bookings online. It also offers features such as cashless payments, automated parking management, and analytics to help parking lot operators optimize their operations.
Park Rooter has already partnered with several leading parking operators in India, including MIAL (Mumbai International Airport Limited), GVK (GVK Mumbai International Airport), and DLF (Delhi Land & Finance). The company has also been recognized for its innovative approach to parking management, winning the “Innovative Startup of the Year” award at the Indian Innovators Awards in 2019.
The latest funding round is expected to further boost Park Rooter’s growth trajectory, as it seeks to capitalize on the growing demand for parking services in India. According to a report by Research and Markets, the parking management market in India is expected to grow at a CAGR of 11.34% between 2021 and 2026, driven by factors such as increasing urbanization, rising car ownership, and growing traffic congestion.
Park Rooter’s latest funding round is a testament to the company’s innovative approach to parking management, and its potential to disrupt the highly fragmented parking industry in India. With the support of EconomicTimes and other investors, the company is well-positioned to expand its services and make parking more convenient, efficient, and sustainable for millions of users across India.