Parkobot Gets INR 2.09 Cr Funding to Scale Smart Parking Services

Parkobot the world’s first “Airbnb for parking” powered by IoT smart Parking Space Barrier has raised INR 2.09 Crores in seed round led by Inflection Point Ventures, one of India’s largest angel investing platforms. The round also saw participation from HNIs. The funds will be utilized to expand infrastructure, reach additional markets, strengthen backend and increase product portfolio.

Since its founding, Parkobot has made its mark as the world’s first startup to launch an "Airbnb for private parking" which makes it an innovative platform powered by an IoT-enabled parking space barrier. With a mission to redefine urban mobility and space utilization, Parkobot has made it possible for its owners to monetize unused private parking spaces on an hourly basis, which in turn provides real-time, location-based booking through a smart, integrated mobile app. 

The strength of this platform is its completely in-house tech stack, horizontally and vertically scalable IoT devices, and smart automation features generating efficiencies to enhance parking and generate revenues.

Mitesh Shah, Co-Founder, IPV says, “Urban parking is a huge challenge facing today’s cities. Poor planning and lack of proper parking spaces lead to encroachment on roads, illegal parking and congestion. However, Parkobot is driving the change by bringing in technology and smart parking systems that provide real-time availability of parking spaces and making underutilized private parking spaces available to the public.” 

Parkobot operates in a rapidly growing market, 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%. Currently in stealth mode, the startup has already deployed high-traffic parking spots at key locations, laying the groundwork for scale. 

Founder of Parkobot, Amrit Choudhury says, “Parkobot envisions decongesting India’s streets by utilizing underutilized private parking spaces, transforming them into revenue-generating assets via our IoT-enabled Parkobot barrier & app. Our goal is to create cleaner skies, less traffic congestion, and seamless urban mobility for all.” 

With over 20,000 monthly bookings, Parkobot leverages its proprietary Parking Management System (PMS), featuring smart boom barriers and exclusive pre-booking to boost parking revenue and reduce manual intervention. With no direct global competitors in IoT-enabled parking monetization, Parkobot is uniquely positioned to convert underutilized parking spaces into smart, revenue-generating assets.