Parkobot, a parking technology startup offering an IoT-powered solution to monetize unused private parking spaces, has raised ₹2.09 crore in a seed funding round led by Inflection Point Ventures. A group of high-net-worth individuals (HNIs) also participated in the round.
The company plans to use the capital to expand its infrastructure, strengthen backend systems, enter new markets, and diversify its product offerings.
Positioned as a marketplace for parking, Parkobot allows users to list and rent out their private parking spaces on an hourly basis through a mobile app. The platform is powered by an in-house tech stack and an IoT-enabled parking space barrier, offering real-time booking and automated access control.
The system’s backend is built to be both horizontally and vertically scalable, with integrated smart automation features designed to reduce operational inefficiencies and support revenue generation for users.
Urban areas in India face increasing traffic congestion and space limitations. According to Mitesh Shah, Co-Founder of IPV, improper planning and lack of formal parking infrastructure lead to road encroachments and disorganized parking patterns. Shah noted that Parkobot is offering a tech-based solution by improving visibility and access to underutilized private parking spaces.
The startup is tapping into a growing market, with the global total addressable market (TAM) for parking solutions estimated at $114 billion, and $9.5 billion in India, growing at a CAGR of 6.5%. While currently operating in stealth mode, Parkobot has already installed its smart parking solutions at high-footfall locations.
The company reports over 20,000 monthly bookings through its proprietary Parking Management System (PMS), which includes smart boom barriers and options for exclusive pre-booking. This reduces manual coordination and increases monetization potential for property owners.
Parkobot was founded by Amrit Choudhury, Raj Kumar Bihani, and Animesh Mukherjee. According to Choudhury, the goal is to improve urban mobility by converting idle private parking into efficient, revenue-generating assets. The broader aim includes reducing traffic congestion and environmental impact by optimizing the use of existing infrastructure.
At present, Parkobot operates with no direct global competitors in IoT-based private parking monetization, positioning itself to play a unique role in transforming urban parking ecosystems.
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