ParkMate Secures $1.2 Million Funding Led by Cactus Partners

• ByStartupStory     |    November 29, 2024

Car parking solutions provider ParkMate has raised $1.2 million in a new funding round led by early growth-stage venture fund Cactus Partners. The round also saw participation from existing investors, including Venture Catalysts and the Marwah Group Family Office.

The funds will be used to accelerate ParkMate’s growth, enhance its team for business development, streamline operations, and drive innovation in parking solutions.

Founded by Abhimanyu Singh and Dhananjaya Bharadwaj, ParkMate offers smart parking solutions tailored for shopping malls, office complexes, hotels, and government parking spaces. The company’s flagship service, DaSH (Drop & Shop), promises car parking within two minutes at shopping malls, arcades, and business complexes.

ParkMate’s client roster includes prominent names such as DLF, Phoenix Mills, Fun Republic, and partnerships with the Uttar Pradesh and Telangana Governments. With the rise of smart cities, the company is eyeing significant opportunities in this growing segment.

ParkMate operates in a competitive space alongside established players like Park+, Get My Parking, Park Smart, and Parky. Among these, Park+ has emerged as the largest player in the segment. In June, Park+ expanded its offerings with Drive+, an on-demand driver service, entering competition with companies like DriveU, Drivers4Me, Driverzz, PickMyCar, Namma Driver, and Cars24.

This investment marks the eighth deal by Cactus Partners since January 2021. The venture fund has previously invested in companies such as Lohum Cleantech, Kapture CX, Vitraya Technologies, AMPM Fashions, Auric, Indigrid Technology, and Rubix Data Sciences, from which it has exited.

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