Parkwheels
RFID-based smart parking and automated gate solutions.
| Date | Investors | Amount | Round |
|---|---|---|---|
$170k | Seed | ||
| Total Funding | 000k | ||
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Parkwheels, operated by Ovunque Innovations Pvt. Ltd., is a technology company based in Gurugram, India, that specializes in smart parking and access control systems. Founded in December 2015 by Dhananjay Rathore and Sumit Jain, both former employees of robotics firm GreyOrange, the company was born from their personal frustrations with daily parking challenges. They initially explored a sensor-based model before pivoting to a more scalable RFID-based system in April 2016.
The company's core product is an automated system that uses RFID (radio-frequency identification) tags affixed to a vehicle's windshield, sensors at entry and exit points, and boom barriers to enable seamless access to parking facilities. This technology is complemented by a mobile application for both Android and iOS, which allows users to find parking, check for real-time availability, and make payments digitally. The system is designed to reduce manual intervention, minimize queues, and enhance security by creating a digital log of all vehicle movements, which property managers can monitor via a cloud-based dashboard.
Parkwheels primarily targets the B2B market, including corporate offices, residential societies, malls, and commercial properties. Its business model involves a one-time installation fee for the hardware and a recurring annual or monthly subscription for the software and maintenance. Notable clients have included DLF, JLL, Brookfield, and the Royal Bank of Scotland. The company's vision is to have a single RFID tag that allows users to access parking and eventually pay for tolls seamlessly across various locations.
The startup has secured funding through several rounds. After an initial angel round of ₹55 lakh, Parkwheels raised a seed round of ₹1.2 crore (approximately $160,000) in September 2018. This round saw participation from investors like 91Springboard, Amit Lakhotia (former VP at Paytm), Sonit Singh, and Anchit Lakhotiya. The total funding raised by the company amounts to over $211,000.
Keywords: RFID parking, automated gate solution, smart parking, access control systems, visitor management system, real-time parking, parking management, boom barrier system, vehicle tracking, facility management, contactless payment, property technology, urban mobility.