Inflection Point Ventures (IPV) led a seed round for the IoT-based parking startup Parkobot, which raised Rs 2.09 crore (roughly $243K) with high-net-worth individuals as participants.

The money will go toward improving backend operations, diversifying its product line, breaking into new markets, and expanding infrastructure.

Key Highlights

• IoT-based parking startup Parkobot raises ₹2.09 crore seed round led by IPV with HNI backing.
• Funds to fuel market expansion, bolster infrastructure, enhance backend operations, and diversify smart-parking solutions.

Parkobot, which was founded by Amrit Choudhury, Raj Kumar Bihani, and Animesh Mukherjee, is now operating covertly while establishing the foundation for growth. With an IoT-powered smart parking space barrier connected to the Parkobot smartphone app, it provides a technologically advanced solution that enables users to make money off of their private parking spots.

It functions as an on-demand, real-time platform by allowing hourly rentals of vacant spaces.

The platform, which is based on a proprietary tech stack that includes scalable IoT devices and an internal Parking Management System (PMS), currently handles over 20,000 bookings per month. With very little manual involvement, it facilitates automated, reserved parking experiences.

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By maximizing unused parking spaces, the startup hopes to alleviate urban congestion. It has already installed its smart barriers in strategic high-traffic areas.