Cactus Partners leads $1.2 Mn round in ParkMate

Parking management platform ParkMate has raised $1.2 million in a funding round led by Cactus Partners, along with participation from existing investors like Venture Catalysts and the Marwah Group Family Office.

The Noida-based company had previously raised $1.2 million from its existing investors.

The proceeds will be used to expand its operations, boost the business development team, and accelerate innovation in cutting-edge parking solutions, ParkMate said in a press release.

Co-founded in 2021 by Abhimanyu Singh and Dhananjaya Bharadwaj, ParkMate is a parking management solution designed to simplify the process of finding, reserving, and paying for parking spaces. It is often available as a mobile app or platform, providing users with real-time updates on parking availability in specific areas.

According to ParkMate, it provides features such as GPS integration, cashless payments, and advanced parking and aims to reduce the hassle of parking in crowded urban environments. Additionally, it offers other services such as reminders for parking durations, secure access to private parking spaces, and eco-friendly initiatives like guiding users to spots that reduce fuel consumption.

ParkMate says that its flagship service, DaSH (Drop & Shop), offers guaranteed parking at any location like shopping malls, office complexes, and entertainment hubs. It serves clients including industry giants such as DLF, Phoenix Malls, Indian Army, Ansals API, Unitech Group, Shalby Group, M3M, alongside strategic partnerships with the Uttar Pradesh and Telangana governments.