Abhijeet Kumar

In their own words

Growth story: When we started Mekpark in 2019, we were optimistic about the problem that we were going to solve “Discovering and booking parking areas to save time”, started with bootstrapped funds, four team members and a problem to solve on our plate. Fast forward in 3 months, our mobile app was launched and we have tested our pilot product in some schools; corporates & hospitals. Our hard work started getting attention across NEC, Govt. Incubations, and private investors. Soon we discovered a sister problem in the B2B space where parking management is not digitized and data is not available to make the necessary decisions and launched our first B2B POS Product in Sep 2019 to enable real-time visibility into parking inventory and digitizing the revenue slips to avoid the manual mistake. We pivoted to a mobile-based business model from an earlier device based charging model. Fast forward, we secured 2.5 lakhs in funding from an angel investor for the purpose of R&D. Business Overview: Full-stack AI-based platform designed to solve parking problems for Smart cities. Disruptive parking management & discovery for urban commuters, parking lot operators & owners, urban planners & administrators. It is not just about managing parking spaces; it is about simplifying transportation and syncing the parking industry with future mobility solutions. Smart parking solutions can make cities economically productive, less polluting, and less wasteful of resources. It is not just about managing parking spaces; it is about simplifying transportation. Mekpark is a mobile application designed to resolve parking space issues, irrespective of the parking policies and infrastructure. The company’s map-based Geo-navigation mobile app helps users to find parking space with artificial intelligence and machine learning. It offers information parameters like parking space and capacity, hours of operation and directs to services like car wash and valet, enabling users to enjoy the information of an available parking space within a city, paid and free. It is not just about managing parking spaces; it is about simplifying transportation and syncing the parking industry with future mobility solutions. Funding Details: Mekpark has received a pre-incubation fund of INR 2.5 Lakhs from a private investor for the purpose of its R&D. As recently we are in the pilot stage, Mekpark has been approached by three corporate parks for their parking solutions. Our hard work started getting attention across NEC, Govt. Incubations, and private investors. Revenue of the company : Our estimated return on investment(ROI) is about 88.58% (Approx.) on the investment for a period of three(3) years. We are looking for 12 months financing to reach 1 million customers on Mekpark Android App. We have planned to reach around $100M revenue over 60 months by capturing around 1 million downloads on our app with the average $25/month service charge from the parking operators and the customers. Users can be charged on a subscription or pay-per-use basis. With the initial investment opportunity of $1M. In 2017-18, the number of new vehicles registered in Delhi shot up to 10.57 lakh, from 9.34 lakh in 2016-18 & 8.77 lakh in 2015-16, according to the Delhi Statistical Hand Book 2019. Mekpark plans to stick to its home ground, Delhi, for the next six months and then venture into other cities. “We will become a full-stack parking provider, unlike other players, who are aggregators” in the near future. Mekpark vision is to make parking a sub-conscious experience for people. “We are planning that by digitizing parking globally,” In the next five years, Mekpark aims to be the number one parking transaction companies in the world.“By March 2024, we aim to do 10 million transactions every month and expand to 25 countries in the world,“.

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