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ParkingRhino chasing $100 billion potential smart parking market!
This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.
Parking Problems in India is no news to the population. The luck-based scenario of using the horizontal space has been giving daytime nightmares to people who wish to follow the default route of submitting their vehicles in the space allocated and resume their main objectives of the day. The indefinite clumsiness of roads, highly congested old spots which continue to be the hotspot for shopping and business, more, no proper urban planning are few of the parameters responsible for the everlasting issue.
ParkingRhino Founder's - Tridib Konwar (Right) & Mriganka Deka (Left)" alt="ParkingRhino Founder's - Tridib Konwar (Right) & Mriganka Deka (Left)" />
With wealth in innovation and ideas, ParkingRhino is one start-up which has donated its existence to the universally suffered issue in India. The startup presents an app based platform which offers real-time navigation of Free Parking, Paid Parking, Valet Parking & Event Parking for the users. A user can search for nearby parking locations by adjusting the radius of search with the assistance of GPS.
ParkingRhino is a Google Launchpad selected venture started by experienced duo Tridib Konwar and Mriganka Deka in a mission to digitize the parking industry. The market opportunity is off over $100 billion and most of the existing solutions are not smart enough to succeed in emerging smart city markets.
ParkingRhino’s product offering can be used to solve parking problems in any city around the world, irrespective of the differences in the parking policies and the urban infrastructure. Indian government's smart city project opens up Rs. 2000 Cr opportunity for smart parking companies with the robust solution. Smart cities need macro level data for real time traffic patterns and parking information which ParkingRhino can help Governments for real time tracking and data that helps for future policy making.
Solutions offered by Parking Rhino:
ParkingRhino is a geo-navigation map-based parking discovery platform used by vehicle owners and parking operators alike. There are two product offerings from ParkingRhino – a B2C Mobile discovery and transaction App for consumers and a mobile app based B2B POS and Management solution for parking contractors and governments.
The application assists traffic/parking sufferers to search for available parking in real-time with all information detailed like paid, free or valet services , hours of operation, parking capacity, hourly prices and car wash facility. Implementing its innovative algorithm to collect data, the app helps users to search for available parking options specifically valet parking options. The routes available to the parking space are also displayed in the application. Unlike others in the app race, the Parking Rhino is a multi-purpose app, i.e. with its geo-targeted hyperlocal event platform, it showcases events like nearby Banks and ATMs, concerts, and weekend outdoor events etc.
Current User Statistics: The application at present enjoys a 1 Million verified parking spaces across Bangalore, Delhi-NCR, Mumbai, Pune and will soon bring other cities under its umbrella. They have a plan to go global as well. Available only in Google Play store, the app, at the time of its launch, saw around 4000 downloads and 3500+ monthly active users using the app.
The ParkingRhino team has deep-dived into the market scenario and today, has established a good density in terms of supply. Their tools also help parking contractors in managing their parking lots remotely with revenue analytics, smart alerts, auditing tools, etc and make them digitized with real-time information without parking sensors. Their products are being used by more than 40 locations in Bangalore and helping them to handle more than 1 Million monthly users.
What makes the Application the “Only Parking Olympus”?
ParkingRhino utilizes a significant rating based algorithm which helps to curate the exact parking listing of a given city. If the average score of the parking space falls below a certain threshold in the algorithm, it can be suppressed during display of parking listing. The application steps into the B2B panel globally and earns itself a tag of a robust application which has an ability to digitize any sort of unorganized parking space in less than 120 seconds.
Monetization Acts so far:
ParkingRhino hit operational break even last November and making money from B2B Product installation for parking management solution - a strict Enterprise SaaS-based model, Ads for geo-targeted hyperlocal offers, and also API Call based pricing significantly for potential partners which at present are sailing in the boat of freemium model and enjoy commission from online booking option.
The Bangalore-based startup is just a year old with 2015 as its year of establishment and is steered by college partners Tridib Konwar and Mriganka Deka. The 7 member team has a collaborative experience of more than 50 years in domains like Business Development, Product, Consumer and Brand Marketing.
ParkingRhino was part of Google Launchpad Program and NASSCOM 10,000 startups program last year. This has acted as the company's growth serum and since then the company has gained tremendous amount of recognition and acceptance from the audience further leading to be the deal breaker in the parking industry. All we have to see is, how Parking Rhino marks its way into other geographic excellences of the world.