Parking Koi Raises New Investment
Parking Koi, the parking spaces marketplace that connects parking seekers with unused parking spaces founded by Rafat Rahman, has closed a BDT 1.25 crore funding round at a valuation of BDT 15 crore. The company did not disclose details about investors.
The new funding should allow the company to expand its coverage, increase parking hubs and spots, and overall spend more in growth. “We are planning to start 10 new parking hubs and add hundreds of hourly parking spots in Dhaka’s prime locations. We also want to concentrate on our Automotive Service Marketplace ToolBox,” says Rafat Rahaman to Future Startup.
Parking Koi was officially launched in April 2018. The company is a graduate of GP Accelerator Program and later also became one of the top 10 teams in Seedstar Growth programme after winning the local round. The company says it has previously received seed funding from GP Accelerator and Seedstar Switzerland.
The company currently operates in Dhaka and Chattogram. It has six operational divisions in Dhaka city. It has been actively trying to collaborate with shopping malls and multi-storied buildings to utilize their parking spaces. In an interview with Future Startup published in July 2019, Rafat Rahman told FS that Parking Koi has over 40 thousand active users with average transaction number between 700 to 800 with 50% recurring customers.
Business model-wise, Parking Koi is a two-sided marketplace. It offers hourly and monthly parking rate to customers. Its hourly rate starts from 15 taka and monthly starts from 2500 taka. The company says it is not only helping people to find parking spaces, but it is also helping people to rent their parking spaces when they are not using it.
Ruhul Kader is a technology business and technology policy analyst based in Dhaka, Bangladesh. He is also the co-founder and CEO of Future Startup and author of Rethinking Failure: A short guide to living an entrepreneurial life. He writes about internet business, strategy, technology, technology policy, and society. He can be reached at [email protected]