Shell Malaysia to acquire 50% stake in mobile app Parkeasy
Shell Malaysia Trading Sdn Bhd has agreed to acquire 50% shareholding in Pixelbyte Sdn Bhd, the company operating ParkEasy – a mobile application software that not only lets drivers park quickly in shopping malls and other locations, but also the only service in Malaysia to offer a pre-booked slot for electric vehicle (EV) charging.
ParkEasy is best known for their on-demand car park reservation service that allows users to book guaranteed parking spots. Pixelbyte was co-founded by Warren Chan, Eric Tan and Winnie Mah in 2014. Early investors include Kumpulan Modal Perdana, a venture capital fund wholly owned by Malaysia’s Ministry of Finance, Cradle Fund and 1337 Ventures. With more than 150,000 reservations to date, ParkEasy has returned their many customers precious time that would have otherwise been wasted in frustration.
This investment will be Shell’s first investment in a local Malaysian tech start up. This investment gives Shell an immediate path to an established parking and e-mobility platform in Southeast Asia.
The amount of the investment was not disclosed. The deal is expected to be completed in the third quarter of 2022.
“Decarbonising mobility and enabling better services to our customers through digital innovation are core to our Powering Progress strategy. We intend to make investments that will help us serve our customers better through the energy transition and pressures of modern living. We value this opportunity to partner with a young Malaysian start-up, and believe our combined strength will help us develop superior mobility products and services for our customers,” said Seow Lee Ming, Shell’s general manager, Mobility.
ParkEasy will continue to operate under its existing management and name. Over the last three years, ParkEasy has grown its business from a parking reservation app to include other offerings such as sales of its proprietary smart parking solutions and electric vehicle charging bay management systems.
“At ParkEasy, we continually look for new, easier ways for people to enjoy an upgraded parking experience. We are excited to have Shell as a partner, especially as they support our vision and belief that people should always utilize their most valuable resource, time, on the things that truly matter to them,” said Warren Chan, chief executive officer, Pixelbyte.
