Gurugram-based smart parking startup Parkwheels has raised around ₹1.2 crores ($160,000) in seed funding.
The round saw participation from co-working startup 91Springboard, Amit Lakhotia, former vice president of digital payments company Paytm, and a Kuwait-based investment firm, that remains undisclosed.
Among existing investors, Anchit Lakhotiya and Sonit Singh, former executive director and former head of real estate coverage at Standard Chartered Bank, participated in the round.
The funds raised will be used to boost its technology platform and serve its current order books.
Parkwheels was founded by Dhananjay Rathore, along with Sumit Jain in 2015. Both the founders previously worked at automation startup GreyOrange. Parkwheels leverages RFID (radio-frequency identification) technology to provide customised and intelligent parking solutions to its clients.
Its smart parking system leverages RFID technology by placing tags on cars to streamline parking services. The commuters can also use its mobile app to find real-time parking and pay parking charges on the go.
The startup has a number of prominent clients across corporates, apartments, and malls, including Royal Bank Of Scotland, DLF, JLL, Spaze, and Brookfield, among many others.
Parkwheels has 28,000 parking slots across Delhi NCR, with more than 50,000 vehicles on the road with Parkwheels RFID tags.
“Our aim is to get maximum cars on the road with a Parkwheels RFID tag. A single tag will allow a user to move/park in malls, corporate, apartments, and even across tolls,” said Sumit Jain, Co-Founder, Parkwheels.
Earlier the smart parking solutions provider had raised over ₹55 lakhs in an angel funding round.
Other players in the smart parking domain include Bengaluru-based cloud parking startup Get My Parking, Kolkata-based parking solutions app Peazy, and Bengaluru-based IoT-enabled parking platform ParkZebra, among others.
Last year in September, Get My Parking raised ₹19.2 crore ($3 million) in its Series A round of funding.