Soul Parking, an Indonesia-based tech-enabled firm in innovative parking solutions, has on Tuesday announced a remarkable 100 times growth in its topline revenue over the past three years.
Soul Parking said in a statement that the company’s sustainable and impressive growth underscores its leading position in the nation’s urban mobility sector – an industry ripe with problems to be solved on a societal level.
It also said the firm will soon act as a key charging infrastructure player, as the nation heads into an electric vehicle transition.
“Our extraordinary growth over the past three years is a manifestation of our relentless pursuit of innovation, customer satisfaction, and environmental stewardship,
“We are not only addressing today’s urban challenges but actively shaping an exciting and efficient future for urban mobility in Indonesia,” said Kenneth Darmansjah, the firm’s Chief Executive Officer.
As Soul Parking continues its journey, he said the successes of the past three years offer a glimpse of the firm’s potential and the transformative impact its technology can have on urban life in Indonesia and beyond.
With AC Ventures as an early investor, Soul Parking said the past three years have marked a period of robust growth and innovation for the firm.
Notably, it said the company demonstrated unparalleled resilience during the Covid-19 pandemic.
Even as the world grappled with unprecedented challenges and there were fewer vehicles on the road than ever, it said the firm adapted its business strategies to navigate the crisis
Emerging from the pandemic, the company then leveraged the overall upswing in mobility, benefiting greatly from the global trend toward urbanization and transportation enhancement.
In addition to its space-saving, mechanized, vertical storage for motorcycles, Soul Parking said its evolving business model has been central to its success.
It said the company’s latest tech offering takes the form of an operating system, which seamlessly integrates an asset-light solution with parking management software, setting a new standard in the industry.
This forward-thinking approach has not only reduced capital expenditure but also led to a faster payback period for clients.
Further, the launch of Soul Parking’s hardware-as-a-service model exemplifies its commitment to providing accessible and cost-effective parking solutions.
By offering the rental of its parking equipment and systems, the company has minimized upfront payment for landowners, creating a more flexible and appealing option in the market.
In terms of strategic partnerships and a high-value target market, Soul Parking has developed strong mutual value exchange relationships.
The startup’s focus on the business to business (B2B) market has allowed it to create tailored offerings for different stakeholders.
Specifically, Soul Parking has catered to landowners and parking service providers across sectors such as healthcare and hospitals, government agencies, modern retail, and various other types of properties.
Meanwhile, Soul Parking’s traction in the mobility market comes on the eve of an imminent electric vehicle (EV) revolution in Indonesia.
According to the statement, Indonesia’s EV two-wheeler penetration currently sits at 0.2 percent of the market, with an opportunity to exceed 10 percent over the next five years, provided that public and private stakeholders work together to build a conducive local EV sector.
In a bid to help catalyze mass-market EV adoption in Indonesia, Soul Parking has also begun transforming into a nationwide hub for EV charging, offering essential infrastructure along with battery charging and storage facilities for electric motorbikes.
This initiative aligns with Indonesia’s government policy and ambition to transition traditional motorcycles into electric ones, addressing the environmental challenges posed by today’s two-wheelers.
It is noted that a critical aspect of Soul Parking’s journey has been its unwavering commitment to a world-class user experience.
Through mobile app integration, the company has enhanced the parking process, enabling seamless parking space booking, early check-out, digital payment, and now on-location services such as EV charging.