Parkobot Raises Rs 2.09 Crore to Tackle Urban Parking Congestion
Parkobot, an IoT-powered parking space barrier and digital platform, has raised Rs 2.09 crore in a seed funding round. The startup, founded by Amrit Choudhury, Raj Kumar Bihani, and Animesh Mukherjee, aims to decongest India's streets by utilising underutilized private parking spots on an hourly basis, transforming them into revenue-generating assets. The platform has already clocked over 20,000 monthly bookings, facilitated by its proprietary Parking Management System (PMS) featuring smart boom barriers and exclusive pre-booking. Mitesh Shah, Co-Founder of Inflection Point Ventures, which led the funding round alongside HNIs, praised Parkobot's approach to tackling urban parking challenges through technology and smart parking systems.
With a global Total Addressable Market (TAM) of $114 billion and an Indian TAM of $9.5 billion, expanding at a CAGR of 6.5%, Parkobot plans to utilise the raised capital to expand infrastructure, reach additional markets, strengthen its backend, and increase its product portfolio. Currently operating in stealth mode in Essen, Germany, Parkobot has already equipped major traffic locations with its IoT-controlled barrier and digital platform.
Parkobot's innovative approach to parking spot utilisation and monetisation has attracted significant investment. With a substantial market potential and a proven track record, the company is well-positioned to grow and contribute to urban congestion reduction and environmental impact optimisation.
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