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Funding Success: ParkingRhino’s 5X Growth in 9 Months | ||
Bangalore, Karnataka, India A few years ago the Indian Startup ecosystem was at a nascent stage. Startups blooming in different domains, few of them were inventing and few others were trying to copy and make better versions. As such, it was not that clear what could be the parameters to grant the funding.
Tridib Konwar and Mriganka Deka, Co-founders of ParkingRhino
Seeing the large opportunity in parking business in expanding and unsaturated marketplace due to rapid urbanization, increase in vehicle population, shared mobility and data collaboration ParkingRhino has developed a smart data platform to help find and manage to park and also solving other mobility use cases.
ParkingRhino - Smart City App
ParkingRhino has secured INR 3.85 Cr in seed funding 9 months ago. The vision was to upgrade its AI and IoT technology platform, team building & market acquisition. They have changed the way people find parking spaces and share mobility information.
Within 9 months of funding, they have reached 5X growth in revenue using AI, IoT and Cloud technology. They are clocking in 120,000 transactions a day and capturing + 1 million data points every day. Speaking of B2B partnerships, they have partnered with key mobility & digital players including Smart city, Car & Bike sharing, Vehicle OEM manufacturer, Mapping companies, Retailers, Digital wallets, voice skills etc.
Recently they extended their geo base in the Philippines across 4 cities. In India, they are in 15 cities and expanding in 25 cities in the next 9 months. With respect to impact, they provided smart parking with real-time parking information during Kumbhmela (India’s largest event) for 48 days in Prayagraj, UP. 800K+ parking transactions were handled with real-time IoT technology with ease where 120M+ people used mobile connectivity in a single place. The smart system was possible through geo-fencing the parking location with IoT and mobile app based smart parking technology.
Being a smart data platform, they are closely working with 5 smart city projects in India. The growth appears exponential in different verticals, however, this growth had few challenges.
Also, streamlining the unstructured parking management system and digitizing the system was not an easy move.
In spite of these hurdles, the team steered the wheel and found out solutions that could find a middle way in supporting each other and yet placing ParkingRhino’s solutions in the place. After much hustle and growth in the last 9 months, they are now looking to raise another round of funding of $5 Million.
With the next round of funding, the product roadmap includes:
ParkingRhino has provided a rich user experience for drivers, optimized employee traffic, increased turn-over for city admins, added revenue growth to businesses, improved compliances, optimized parking, and supply-demand and is constantly working to bring better solutions and predictions to improvise parking management across the globe. |
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