The Chennai Angels invest in smart parking startup

The Chennai Angels (TCA) on Monday announced an investment of Rs 2.5 crores in Agile Parking Solutions Private Limited (Get My Parking being its brand), engaged in smart parking technology which digitizes parking industry.

“Automotive customers now seek real-time solutions and a triangulation of location, service aggregation, payments and community shared feedback to delight their personal journeys with. The GmP team is driving towards a platform to delight its customers. Within eight months of commercial operations, they are at the cusp of servicing over a million transactions a month in the NCR region alone”, said Sudhir Rao of IndusAge Partners who led the investment from TCA.

The Delhi based startup, founded by Chirag Jain and Rasik Pansare creates cloud based mobile parking technology which makes real time parking information accessible for both, the supply and demand side. Its mobile app empowers self-driving users to search, book and navigate to parking. It saves the user time, fuel and energy and reduces urban traffic congestion and consequent pollution by up to 30%. Their data centric approach gives them insights into the urban transport landscape which can be utilized in better urban policy making and efficient infrastructural use for smart cities.

S. Mohammed Shadaan, Partner and Dheeraj Mani, Senior Associate of Kochhar & Co. were the legal partners providing legal advice and end to end support involving preparation, negotiation and finalization of transaction documents including the share subscription and shareholders agreement and assistance with execution and closing of the transaction.

Original article -http://timesofindia.indiatimes.com/tech/tech-news/The-Chennai-Angels-invest-in-smart-parking-startup/articleshow/52094268.cms