The app claims to be the "first parking app in the country to rent out private garages", which finds unused parking lots of hotels, hospitals, pubs, schools, public parking spaces from the app to save time, Avishek Tarafdar, Founder and CEO of the startup, Park 24x7 said.
It could also be used by the consumers to rent out unused dead spots into parking spaces. The app also offers real-time availability of parking space and allow users to pre-book for specific hours or on a monthly basis.
"Once you reach the spot, a four-digit OTP (One-time password) sent to your personal parking portal can be used to check in and check out," he said.
The car registration number itself serves as the required ticket for booking spot. Users can scan QR code from Parking Signs using the default QR code scanner of smartphones. It redirects to the customer's mobile website where the car number and duration have to be keyed in and the price will be calculated automatically on the basis of that particular zone as per municipality fixed rates.
The fee ranges from Rs 20 an hour up to Rs 100 for a day. Customers can pay using internet banking, wallet, debit/credit cards.
The company has already established bases in Mumbai and Bangalore and plans on expanding to other Indian metro cities under the Smart city initiative, Mr Tarafdar told news agency PTI.
The start-up claims to have helped park over 5,000 cars since inception and collected parking fees of Rs 16.7 lakh.
Park 24X7 has already tied up with more than 600 parking spaces in Kolkata, Ranchi, Bhubaneswar, Bangalore and Mumbai.
The app was launched ahead of the Durga Pujas in September this year with a personal investment of Rs 40 lakh. Since then, the company has roped in an angel investor with the participation of a Mumbai-based company 'Ronak Sony', which invested Rs 25 Lakh.
A computer engineer by training, Mr Tarafdar said his company is now awaiting an investment of $1 million (around Rs 6.5 crore) through a Dubai-based Venture Capital fund.
"We are encouraging owners to park their cars at secured parking locations rather than parking on street. We have already managed parking for mega events such as FIFA U-17 World Cup 2017, Sunburn music festival in kolkata," he said.
"We are also in talks with various ISL (Indian Super League) teams for managing their parking during home matches. In addition to this, we are also managing the parking of upcoming mega events in the country like Timeout 72 featuring Wiz Khalifa at Goa and Guestlist Festival at DY Patil Stadium, Mumbai," Mr Tarafdar said.