Interview with Dhananjaya Bharadwaj, CEO of ParkMate, an Auto Tech startup

An exclusive interview with Dhananjaya Bharadwaj, CEO of ParkMate, an Auto Tech startup for transforming the parking landscape

After securing his mechanical engineering degree from Moradabad Institute of Technology, AKTU,  Dhananjaya Bharadwaj served as a Deputy Commandant in the central armed forces for 10 years. He has held administrative positions in various government departments, where he was in charge of policy implementation and project management for multiple contracts and projects.

He resigned from his job in September 2021 to launch ParkMate and guide it to become a go-to resource for anyone seeking a convenient and reliable parking solution.

Entrepreneurial Journey

Dhananjaya decided to step into the field of entrepreneurship in November 2020 after realising that car parking is a major problem in India. Every time he arrived at a destination, he had to wait nearly 20-25 minutes for a car parking space or travel to parking spaces that were usually 500 M to 1 KM away from the desired location.

His co-founder Abhimanyu faced a similar problem, so they conducted a 17-month extensive study, including an on-the-ground survey across cluster markets in New Delhi, before launching ParkMate. After the inception, the major challenge in front of the founders was to hire the right people; attract B2B clients and educate customers about the benefits of ParkMate’s services.

ParkMate has made huge strides within a year of its launch by addressing 50,700 orders as well as retaining 52% of its customers. The brand has geographically marked its presence in New Delhi and Lucknow and under the leadership of Dhananjaya, ParkMate intends to expand into 3 more cities by March 2024.

Dhananjaya cracked the National level exam and became a Grade A Gazetted officer at an age of 22 years. He led the repatriation operation from Sri Lanka as well as headed multiple million dollar projects for Ministry of Defense and was also recommended for Director General and Regional Commander’s commendation twice. ParkMate’s selection to the We Founder Circle’s EvolveX program was the watershed moment for Dhananjaya to accelerate his entrepreneurial journey.

Dhananjaya is married to his co-founder Saloni and they have a 3-month-old son Kartavya. Dhananjaya has a mother and an elder brother. His mother is a vice-principal in a private school and his elder brother is a realtor and owns a company in Dubai. Coming from Armed Forces, fitness is a way of life for Dhananjaya.

He follows a strict diet and training routine to stay fit and healthy. He is also a trained musician and painter, and in his leisure time, he uses his artistic abilities to relieve stress, gain clarity, and create balance in his fast-paced business life. Abhimanyu and Dhananjaya are avid gamers too and often make meaningful decisions while having fun playing Call of Duty.

Can you provide an overview of ParkMate and the problem it aims to solve in the auto tech industry?

Dhananjaya Bharadwaj: ParkMate is India’s first intelligent app-based platform that addresses the major issue of parking congestion in the auto tech industry. We aim to provide smart, hyperlocal, and on-demand parking solutions for users and businesses.

The problem we’re solving is the pervasive challenge of finding convenient, safe, and reliable parking spaces in densely populated areas, which often leads to traffic congestion, economic losses, and wasted time for users. In major Indian cities, annual economic losses due to traffic congestion amount to a staggering Rs 1.44 lakh crore.

In addition, the disparity in parking utilization is evident, with some lots oversubscribed while others remain less than 50% occupied. An IBM survey has revealed that drivers in Delhi spend up to 19 minutes searching for parking spaces, and this issue is even more pronounced in cities like Mumbai and Bangalore. This is where ParkMate’s innovative parking solutions come into play.

ParkMate simplifies the parking experience by offering instant, guaranteed, and safe parking services through our app, saving users valuable time and reducing traffic congestion in major cities. We offer a seamless and hassle-free parking experience that differentiates us from traditional parking solutions.

What inspired you to start ParkMate, and what is your vision for the company’s future?

Dhananjaya Bharadwaj: The inspiration behind ParkMate stemmed from my own encounters with the parking challenges prevalent in India. Arriving at a destination meant dedicating 20-25 minutes to find parking, often resorting to spaces located 500 meters to a kilometer away from the intended location. The eureka moment came when my car got towed from an authorized parking area, leading to significant expenses and inconveniences. This motivated me to solve the parking problem holistically.

Alongside my co-founder, Abhimanyu Singh, who also faced similar challenges in Mumbai, we conducted extensive research and surveys over a 17-month period before officially launching ParkMate in July 2021. Our vision for the future of ParkMate is ambitious.

We aim to establish ourselves as a leading parking management solution provider to businesses, car owners, and city administrations, offering expertise and excellence in tackling any parking-related challenges. We’re committed to expanding our presence across key states, leveraging technology, forming strategic alliances, and promoting eco-friendly parking solutions.

Could you explain how ParkMate’s technology works and the key features that set it apart from other solutions in the market?

Dhananjaya Bharadwaj: ParkMate’s technology is built on MERN Stack and our three-tier Trishool system, which integrates FASTag, ANPR (Automatic Number Plate Recognition), and UniPay systems. This system utilizes HD cameras, an integrated controller, and our proprietary software to automatically scan license plates and record vehicle entries. When users book our instant “Drop & Shop” service through our app, they input their destination, and upon arrival, our dedicated valet is ready to receive their vehicle.

The valet handles parking and ensures the car’s security. Our attendants are OTP verified, and our GPS tagging system allows users to track their car’s real-time movements. When users need their car back, a tap on the “Get my car” button ensures prompt delivery to their desired location. Distinguishing ourselves from other parking solutions, we operate on a hyperlocal level.

Notably, ParkMate ensures that every car we park is exclusively placed in secure and authorized parking lots. To further enhance transparency and customer trust, we share comprehensive 360-degree images of vehicles before and after delivery with our users.

In what ways has ParkMate contributed to making parking more efficient and user-friendly for both drivers and parking facility operators?

Dhananjaya Bharadwaj: ParkMate has revolutionized the parking experience for both drivers and parking facility operators in several impactful ways. For drivers, our platform offers instant, guaranteed, and safe parking solutions. By utilizing our services, they no longer need to spend precious time searching for parking spaces. Instead, they can simply reach their destination and have our attendant take care of the parking.

This not only saves time but also reduces the stress and safety issues associated with finding a spot in congested areas. For parking facility operators, ParkMate brings efficiency through technology. Our Trishool System, which integrates FASTag, ANPR, and UniPay, streamlines the process of logging and permitting vehicle entries.

This paperless and seamless system enhances the operational efficiency of parking facilities. In addition, our solution helps in optimizing parking space utilization, ensuring that lots are efficiently occupied. Also, through collaborations with local authorities, such as our recent successful launch of UP Govt’s first FASTag-enabled Smart Parking with the help of Lucknow Nagar Nigam and Hazratganj Trader Association, we aim to offer a holistic parking solution that benefits the community at large.

Auto tech is a rapidly evolving industry. How do you stay ahead of the curve and adapt to emerging trends and technologies in the automotive sector?

Dhananjaya Bharadwaj: Remaining at the forefront of the ever-evolving auto tech industry is unquestionably our foremost priority. To achieve this, we maintain a vigilant eye on emerging trends and technologies. We invest in ongoing research and development efforts to integrate cutting-edge solutions into our platform.

Additionally, we actively engage with industry experts, attend relevant conferences, and participate in tech forums to stay updated with the latest advancements. Collaborations with technology partners and leveraging our in-house tech team are key strategies in implementing innovative features. Moreover, we foster a culture of continuous learning and innovation within our team, ensuring that we are poised to adapt swiftly to any shifts in the automotive sector.

What are some of the challenges you’ve faced while scaling ParkMate, and how have you overcome them?

Dhananjaya Bharadwaj: Before commencing operations, our primary challenge was to recruit local drivers with a deep understanding of the local markets, and we made a conscious effort to employ individuals who had lost their jobs due to the COVID-19 pandemic. In a country like India, car ownership is highly valued, and cars hold sentimental value for their owners. Hence, building trust among car owners regarding the safe handling of their vehicles was another hurdle.

To address this, we integrated multiple layers of safety measures and interlocks into our application to instill confidence in our users. The subsequent challenge was the integration of mapping technology into our valet application to guide our drivers to the nearest available parking spaces. In addition, we had to reach out to parking contractors to explain the benefits of ParkMate’s services, emphasizing the efficient utilization of manpower and parking spaces.

As we established our presence in the market, we faced the challenge of managing the increasing volume of user queries and support requests as we expanded our services. To tackle this, we established a robust customer support team and streamlined our support processes to ensure efficient handling of user inquiries.

Moreover, our geographical expansion presented the need to integrate with various parking facilities. So our strategy involved working closely with these facilities, establishing clear partnerships, and ensuring seamless integration to provide users with a smooth experience. Proactively addressing these challenges has positioned ParkMate for successful and sustainable growth.

ParkMate’s mission is to make urban mobility smarter and more efficient. How do you see the future of urban mobility evolving, and how does ParkMate fit into that vision?

Dhananjaya Bharadwaj: In the coming years, urban areas are expected to face increasing challenges related to congestion, pollution, and parking scarcity. Our vision aligns with addressing these challenges by optimizing parking, reducing the time and stress associated with finding parking spaces, and thus, contributing to overall traffic decongestion.

Moving forward, we aim to integrate further with emerging technologies and trends in urban mobility. We’re exploring possibilities like electric vehicle charging stations and enhancing our services to accommodate shared mobility options, such as bike-sharing or ride-sharing integration. Our focus remains on delivering a seamless, user-friendly experience that simplifies the complexities of urban mobility.

What advice would you give to aspiring entrepreneurs looking to enter the auto tech or tech startup space, based on your own experiences with ParkMate?

Dhananjaya Bharadwaj: Drawing from my entrepreneurial journey, I’d advise aspiring entrepreneurs entering the auto tech or tech startup space to start by identifying a real problem, conduct thorough market research, build a strong team, focus on user experience, emphasize trust and safety, and scale thoughtfully.

Remember, in rapidly evolving industries, staying innovative and creating a unique value proposition are essential, and surrounding yourself with a talented mentors and seasoned professionals is crucial for success.

What is your success tips for young and aspiring entrepreneurs

Dhananjaya Bharadwaj: To young and aspiring entrepreneurs, I say this: Success in the world of business hinges on a few fundamental principles. Find your passion and let it guide your entrepreneurial journey. It’s this fervor that will fuel your determination when challenges arise. Also, note that obstacles and setbacks are inevitable but invaluable for your growth.

Never cease learning; stay inquisitive about your industry, staying attuned to market trends and evolving business strategies. Cultivate a robust network of mentors, peers, and potential collaborators; their insights and support will prove invaluable. Above all, maintain an unwavering focus on customer satisfaction, valuing their feedback as a compass to steer your business towards success.

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