iRAM Technologies Bags Three Multi-Million Dollar Smart Parking Projects

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iRAM Technologies will deploy its smart parking technology at 87 parking sites in Bhubaneswar, 42 in Kanpur and 33 in Nasik over the next six months

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Homegrown Internet of Things (IoT) solutions provider, iRAM Technologies has bagged three multi-million-dollar projects to develop on and off-street smart parking solutions in Bhubaneswar, Kanpur and Nasik. It has bagged the smart city projects in partnership with leading conglomerates in the smart city space.

Smart parking technology

Udaya Bhaskar Rao Abburu, CEO and Managing Director, iRAM Technologies said that the company was committed to offering IoT-enabled solutions to India’s smart city mission and its smart parking technology was part of the commitment.

The company’s IoT-based smart parking technology includes sensors, parking gateways, Parking Management and Guidance software, Mobile Point of sale solution and citizen application. The technology is set to be deployed at 87 sites in Bhubaneshwar, 42 in Kanpur and 33 parking sites in Nasik over the next six months.

The smart parking solutions can be deployed on-street, off-street and covered parking spaces. iRAM aims to efficiently optimise the usage of the available parking space and enhance the functioning of streets in the city.

iRAM expects 80 per cent cashless payment

The IoT firm is expecting 80 per cent cashless payment over the next two-three years in the parking segment. iRAM will provide payment options through approved Mobile Point of sale systems providing multiple options of credit card/ debit card/pre-paid card/wallet-based payments.

The technology will also provide real-time data to smart cities in terms of revenue collection in the parking sector. The analytic engine will help smart cities to plan for new investments in the cities’ parking spaces.