Mobility startup and smart parking pioneer Get My Parking (GMP) announced a partial secondary sale for the vested ESOPs of current as well as former employees as part of the recently completed fundraise of $6 Million led by IvyCap Ventures and existing investor IAN Fund.
Since its inception in 2015, GMP has digitized over 2500 parking lots across the world. Their IoT solution integrates seamlessly with legacy equipment, allowing parking lots to be fully automated and remotely managed. GMP enables parking operators and mobility companies to launch a white-labelled consumer app that lets their consumers discover and pay for parking spots online. GMP Permit, their latest product, is a parking permit management solution that allows operators to issue monthly permits and manage contract parkers.
Get My Parking’s approach to solving global mobility issues by transforming parking real estate into intelligent mobility hubs has attracted partnership from major mobility companies. Some of these include Mercedes-Benz and APCOA as well as several food delivery, EV charging and ecommerce logistics companies in Europe and USA. With the recent fundraise and the subsequent liquidation of ESOPs, Get My Parking has plenty of external validation of a bright future. When that is combined with their great workplace culture emphasised by the Glassdoor rating of 4.2, GMP has become a highly desirable place to work for, which is helpful as they are hiring extensively for their tech and product teams.
More than 80% members of the organisation who have vested employee stock ownership plans (ESOPs) were eligible for the sale. Get My Parking allowed employees to sell up to 40% of their vested ESOPs.
As Get My Parking continues to expand across the world, ESOPs provide a great way for employees to benefit from the company’s wealth creation journey. Owning ESOPs also aligns the employees’ incentives with the company’s, providing them with a shared goal to work towards.
Indicators of prosperity like ESOP liquidation are much-needed in trying times like these when the economy is jeopardized by the pandemic. However, GMP employees have the comfort of knowing that the company is thriving financially.
Chirag Jain, CEO, Get My Parking, commented on the announcement, “We owe our success and growth to our team. There is no bigger satisfaction as an entrepreneur than to see our team members getting rewarded as we continue to scale up and create more value.”
Get My Parking (GMP) is an award-winning provider of an Interoperable Smart Parking Platform that connects all parking and mobility stakeholders operating in silos. With a clear mission to digitize the parking industry globally, GMP tech can retrofit legacy equipment and enable cloud native apps and a digital consumer experience. Get My Parking was founded in 2015 by Chirag Jain and Rasik Pansare with a vision to make every parking transaction a sub-conscious experience. With a strong foundation of team, technology and partnerships, GMP is creating a future-proof omni stack for the parking industry.
IvyCap Ventures is one of the leading homegrown venture capital fund management companies in the country managing INR 1,500 crores across three funds. Founded by Vikram Gupta in 2011, the company has been leveraging global alumni ecosystems to build technology-driven innovative companies.
About IAN Fund
IAN Fund is an INR 375 crore fund launched by Indian Angel Network, which is India’s first and world’s largest business angel network with close to 500 members across the world. IAN Fund is a uniquely differentiated seed/early stage fund which aims to transform India’s entrepreneurial landscape. The fund invests in innovative companies in sectors including healthcare and medical devices, VR, AI, software as a service, marketplaces, fin-tech, big data, artificial intelligence, agritech, and hardware. With this, IAN has created the single largest platform for seed and early-stage investing, enabling entrepreneurs to raise from Rs. 25 lakhs to Rs. 50 crores.